Genex Power (ASX:GNX) shares soar on takeover bid

• Genex Power (GNX) shares soar on news of a takeover bid to acquire shares at 23 cents each through a scheme of arrangement
• The offer represents a 70 per cent premium to the company’s closing price on Friday of 13.5 cents
• The proposal came from a consortium consisting of Skip Essential Infrastructure Fund (SEIF) and Stonepeak Partners, with SEIF currently holding 19.99 per cent of GNX shares
• Genex says the proposal was unsolicited and it has not yet formed a view on whether it will entertain the offer
• Shares are climbing 44.4 per cent higher today to 19.5 cents each at 11:00 am AEST

Genex Power (GNX) shares have soared on news of a takeover bid to acquire shares at 23 cents each through a scheme of arrangement.

The offer represents a 70 per cent premium to the company’s closing price on Friday of 13.5 cents.

The conditional, non-binding, non-indicative proposal came from a consortium consisting of Skip Essential Infrastructure Fund (SEIF) and Stonepeak Partners, with SEIF currently holding 19.99 per cent of GNX shares.

Genex said the proposal was unsolicited and it has not yet formed a view on whether it will entertain the offer.

The indicative proposal is subject to a number of conditions including due diligence, internal approvals, the unanimous recommendation by the Genex Board, binding transaction documents, and Foreign Investment Review Board approval.

GNX has appointed Goldman Sachs as it financial advisor and Gilbert and Tobin as its legal advisor.

It has advised shareholders do not need to take any action in regards to the proposal.

Shares jumped 44.4 per cent today to 19.5 cents each at 11:00 am AEST.