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Stroud headquartered Ecotricity goes after Good Energy in Chippenham

12 July 2021
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Ecotricity, the Gloucestershire green energy pioneer, is vying to buy up its counterpart, Chippenham-based Good Energy.

Ecotricity, which already holds around 25 per cent of the shares of Good Energy, has made two approaches to buy the whole of the company, the second approach valuing the company in excess of £56 million, according to reports.

Both have been rejected by the Board of Good Energy. 

Ecotricity's first offer of 310.0 pence per share was made on 15 June 2021. At the time, it represented a premium of 10.1% to the closing price of 281.5 pence per Good Energy share on 14 June 2021. The First Indicative Offer was rejected by the Board of Good Energy on 18 June 2021.

Ecotricity's second non-binding indicative offer of 330.0 pence per share was made on 24 June 2021. At the time, the Second Indicative Offer represented a premium of 16.4% to the closing price of 283.5 pence per Good Energy share on 23 June 2021. The Second Indicative Offer was rejected by the Board of Good Energy on 29 June 2021. 

Ecotricity must either announce a firm intention to make an offer for Good Energy by 9 August 2021 or announce that it does not intend to make an offer.

In February, the founder and CEO of Good Energy, Juliet Davenport, announced that she intended to step down from the company she founded in 2003. In April, the company announced its new CEO was to be Nigel Pocklington as her successor. Nigel most recently served as Chief Commercial Officer of Moneysupermarket.com Group plc.

https://www.businessinnovationmag.co.uk/chippenhams-good-energy-boss-to-step-back-from-ceo-into-non-exec-role/


Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

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