Scott Farquhar has walked away from a 25¢ a share joint takeover bid for listed renewables business Genex Power after more than four months of due diligence.
Scott Farquhar’s Skip Capital and infrastructure investor Stonepeak Partners have walked away from their joint 25¢ a share takeover bid for listed renewables business Genex Power after more than four months of due diligence.Skip, via the Skip Essential Infrastructure Fund, and Stonepeak won limited due diligence on a non-exclusive basis at Genex on August 17 with a 25¢ a share offer that was 8.
Skip and Stonepeak built a 19.99 per cent stake in Genex before their initial takeover approach in July. The shares were owned by Skip entities but a co-operation agreement it signed with Stonepeak dictated 50-50 ownership of Genex if the bid was successful. “The board and Genex’s management team engaged constructively with the consortium during the last four months and provided an extensive amount of information about Genex to the consortium,” Genex said in an ASX filing on Wednesday.A through an online data room, and the provision of access to the consortium to members of Genex’s senior management.”
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