Genex share price climbs 6% amid new takeover rumours

an engineer in hard hat stands amid solar panels, part of a solar farm, as she holds a tablet in her hand and smiles.an engineer in hard hat stands amid solar panels, part of a solar farm, as she holds a tablet in her hand and smiles.

The Genex Power Limited (ASX: GNX) share price closed higher on Friday as rumours circulate another bidder has taken an interest in the renewable energy company.

Genex shares finished the day at 22 cents each, up 2.33%, after hitting 22.7 cents a share earlier today. That was a jump of 5.58%.

The interest comes after the company knocked back a $300 million takeover proposal on Monday. 

Let’s check the latest on Genex’s takeover prospects.

A new suitor for Genex? 

As reported by The Australian, an undisclosed group is “making inquiries around the market about launching a rival bid for the business”.

The group is said to be “not private equity” and a company that operates in Australia.

The speculated names include Sundance Energy Australia Ltd (ASX: SEA), Alinta Energy, and other companies with energy assets on Australia’s east coast.

On Monday, Genex rejected an unsolicited acquisition attempt from a group consisting of Atlassian co-founder and co-CEO Scott Farquhar’s Skip Capital and Stonepeak Partners. The bid offered 23 cents per share for the company.

Genex power’s board of directors said the offer undervalued the company but it was open to a counter-offer with a revised amount.

Share price snapshot

The Genex share price is up more than 11% year to date, gaining a remarkable 85% in the last month.

Despite the recent action though, the company’s share price is still 5% lower than it was this time last year.

The company has a current market capitalisation of $308 million.

The post Genex share price climbs 6% amid new takeover rumours appeared first on The Motley Fool Australia.

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Motley Fool contributor Matthew Farley has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Atlassian. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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