Essar Energy rejects takeover bid
25 February 2014, 08:40
London - Indian energy company Essar rejected on Monday a full takeover bid from its majority owner Essar Global Fund Limited, saying that the offer undervalued the group.
On February 17, EGFL, which owns 78.02% of London-listed Essar Energy, had offered 70 pence a share for the stock it does not own.
Philip Aiken, chairperson of an independent committee of the Essar board, formed to consider the bid, said in a statement that "the current proposal from EGFL clearly undervalues the company and its long-term growth prospects".