Genex Power (ASX:GNX) receives revised takeover bid

• Genex Power (GNX) receives a revised proposal from Skip Essential Infrastructure Fund and Stonepeak Partners to acquire all of its shares for 25 cents each
• The revised conditional, non-binding, indicative proposal follows the consortium’s initial takeover bid of 23 cents
• The new offer price represents a 92 per cent premium to the three month volume average price of 13 cents
• The board reviews interests of shareholders to engage further with the consortium to work towards a binding proposal
• Shares are trading 6.82 per cent higher today at 23.5 cents each 10:46 am AEST

Genex Power (GNX) has received a revised proposal from Skip Essential Infrastructure Fund and Stonepeak Partners to acquire all of its shares for 25 cents.

The revised conditional, non-binding, indicative proposal follows the consortium’s initial takeover bid of 23 cents.

The new offer price represents a 92 per cent premium to the three month volume average price of 13 cents.

The board has reviewed the proposal and believes it is in the best interests of shareholders to engage further with the consortium to work towards a binding proposal.

It has supplied limited due diligence information to the consortium on a non-exclusive basis.

However, Genex noted that the provision of the due diligence may not result in a binding proposal.

Shares were trading 6.82 per cent higher today at 23.5 cents each 10:46 am AEST.