Drax says offer for investor Harmony Energy Income Trust has lapsed

(Alliance News) - Drax Group PLC on Friday said its takeover offer for Harmony Energy Income ...

Alliance News 30 May, 2025 | 8:40AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Drax Group PLC on Friday said its takeover offer for Harmony Energy Income Trust PLC has lapsed, after Harmony accepted a rival offer.

The Selby, England-based electricity generator said the offer was conditional on Drax's court meeting being held on or before the mini long stop date on May 29, or any later date agreed between the two companies.

No such later date was agreed, Drax said.

Harmony Energy is a London-based investor in battery energy storage systems. In March, it accepted an offer of 88.0 pence per share in cash from Drax subsidiary Drax BESS Holdco Ltd. This had valued Harmony at GBP199.9 million.

Instead, Harmony last week recommended a takeover by Foresight Group Holdings Ltd. Foresight made a 92.4p per share bid, which valued Harmony at GBP209.9 million.

Following the receipt of Foresight's offer, and with Drax not increasing its bid in response, Harmony withdrew its recommendation for Drax's offer in favour of Foresight's offer.

Shares in Drax were up 2.0% to 655.04p in London on Friday morning.

By Michael Hennessey, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Harmony Energy Income Trust Ord
Foresight Group Holdings Ltd Ordinary Share 411.00 GBX 1.36 -
Drax Group PLC 863.00 GBX -0.23 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2025 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures