Source: Genex Power
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Genex Power is one of the ASX’s more promising renewables stocks
  • The company is currently developing a massive pumped hydro project in QLD
  • Genex shares last traded at 18.5c

Genex Power (ASX:GNX) has confirmed its receipt of a non binding indicative an conditional proposal from Japanese utility J-POWER to acquire all ordinary shares in Genex not already owned.

This comes as one of multiple takeover offers lobbed at Genex by J-POWER in 2024, already a partner with the former on-site some Australian projects.

J-POWER is a 50% JV partner with Genex on its wind and solar battery storage projects at Bulli Creek while Genex continues to develop the 250MW Kidston Hydro project in QLD.

The Japanese utility has also lended Genex $35M in the past.

The latest version of the deal from JPOWER ultimately puts the acquisition price at 27.5cps, nearly 10c higher than where the stock last traded – a considerable premium.

In fact, that’s a premium of nearly 50% and a 65% premium to the 6-month average value of 16.6cps.

On 5 February, J-POWER offered 24cps.

J-POWER is also open to making an off-market takeover bid outright for all Genex shares at 27cps, conditional on shareholder approval.

Genex advised shareholders on Monday they need not take any action at this time.

However, Genex has greenlit J-POWER to move ahead to due diligence.

Genex (ASX:GNX) shares last traded at 18.5cps.

GNX by the numbers
More From The Market Online
The Market Online Video

ASX Market Close: Bourse finishes week on a high as Wisetech pummeled | November 22, 2024

The ASX200 closed up 0.85% at 8,393 points. Economists increasingly expect interest rates in Australia won’t…
The Market Online Video

HotCopper Highlights: Your most watched stocks for Week 47, 2024

In this segment we’ll look at the top stocks HotCopper users have been watching, and discussing,…
Nuclear explosion mushroom cloud concept

Week 47 Wrap: HotCopper users’ most watched; Brent lifts on Putin’s scary letter; RFK dents CSL

Welcome to the end of another week. Let's start with what HotCopper users have been watching…
Dale Gillham's photo, and wording 'Words from Wealth Within's Chief Analyst Dale Gillham.

Dale Gillham’s weekly wrap: Sigma-Chemist Warehouse merger creates pharma powerhouse

The $8.8 billion dollar merger between Sigma Healthcare and Chemist Warehouse is poised to reshape the Australian pharmacy landscape, consolidating power in th…