Terra Firma awaits outcome on £109m Novera deal

Terra Firma-controlled Infinis Energy has made yet another hostile take-over bid for energy company Novera, having revised its offer to £109 million ($182 million; €120 million), or 75 pence per share.

Infinis, which has gradually built up a 42.6 percent stake in London-listed Novera, last month had Novera’s board and shareholders reject its offer of £90.5 million, or 62.5 pence per share, as too low.

Wind turbines: Infinis looks to line up Novera shareholders

The company’s board has also rebuffed the increased bid Infinis made last night, advising shareholders not to take any action. Terra Firma would need to win over 3 percent of Novera’s shareholders for the bid to proceed.

A spokesman declined to comment as to whether or not the firm expected to win sufficient shareholder approval.

In Mach 2008, Infinis and 3i Infrastructure fund had both courted Novera, although no formal offers were submitted. It was at that time that Infinis first bought into the company, purchasing a 29.1 percent stake at 90 pence per share, according to UK newspaper The Independent.

Novera is involved in electricity generation across the wind, water and landfill gas sectors. It has a generation capacity of 148 megawatts across almost 60 sites in the UK.

The company’s shares were trading at around 75.5 pence per share at press time, down slightly from its opening price of 76 pence per share.