Continuum strategies to acquire United States PV player
- Bid made for Heliogen which is experts in concentrated solar power systems
Continuum Renewables has actually introduced its intention to acquire solar developer Heliogen for US$ 0.40 per share of common stock in a non-binding proposal submitted to the board of supervisors of the firm.
Heliogen is a renewable energy business that is experts in concentrated solar energy systems.
The procurement would certainly enable Continuum Renewables to broaden its renewable energy items and accelerate its growth technique.
Continuum Renewables chief executive Paul Browning said: "We're excited to announce our offer to acquire Heliogen.
" Heliogen has a solid track record for creating cutting-edge renewable resource solutions, and also our proposal, if accepted, would provide the company's shareholders a significant premium to the existing share price.
" This procurement is an essential step in our growth approach, and we expect recapitalizing Heliogen as an exclusive company and dealing with the Heliogen team to create value for our customers."
The recommended, all cash price of $0.40 per share represents a premium of 60% over Heliogen's closing stock price on the day prior to the news and a premium of around 70% over the firm's untouched volume-weighted average price over the last month, Continuum claimed.
The purchase would undergo persistance, traditional closing problems, including regulative approvals, and also arrangement of transaction documents.
