Solar professional Heliogen refuses bid from Continuum Renewables
- US artificial intelligence (AI)-enabled concentrated solar professional Heliogen Inc (NYSE: HLGN) has declined a USD-78.3-million (EUR 71.0 m) takeover bid from Continuum Renewables Inc, defining it as under-priced.
Heliogen's board believes that the unsolicited offer substantially undervalues the company and is contingent on the suitor's ability to safeguard financing, to name a few demerits. Respectively, the board has ruled that the proposal is not in the best rate of interests of the company and all of its shareholders, a declaration stated on Monday.
Continuum previously in April offered a non-binding proposition to take control of Heliogen for USD 0.40 per share, which at the time indicated a premium of about 70% over Heliogen's untouched volume-weighted ordinary cost over a one-month duration.
The target firm soon after reacted by adopting a restricted duration stockholder rights plan, additionally called a "poisonous substance pill," to secure itself against an undesirable requisition.
Shares in Pasadena, California-based Heliogen shut 4.01% lower in New York on Monday as well as dropped 5.49% to USD 0.27 in after-hours trading
