Business

Novera slams Terra Firma’s ‘cheap’ offer

11 April 2012

Green energy firm Novera hit out at the heavy-handed tactics of private equity firm Terra Firma today labelling its hostile takeover bid as "cheap".

Rival firm Infinis, owned by buy-out king Guy Hands's Terra Firma funds, has posted a takeover offer document despite already being rebuffed by the Novera board.

Terra Firma already owns 42% of Novera. Its offer for the remainder values the landfill gas-to-electricity generator and windfarm operator at £90 million, or 62 ½p a share.

In a statement today. Novera's chairman, energy industry veteran Roy Franklin, said: "Novera has attractive core operating assets and an exciting and valuable wind-development portfolio. Our management team has strength in depth. The board has no hesitation in rejecting this cheap and opportunistic offer."

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