When we visited ECO.L on Friday in "Carbon Trading: EcoSecurities co-founder considers bid for company (ECO.L; CAO.L)" the shares were up 27.5% at 58 pence. Today they are up another 23% at 73.25p. Here's the story from Reuters:
EcoSecurities rejects EDF unit's 75p/shr offer
* Says approach is "wholly inadequate"
* Says EDF had recently indicated a 96p/shr offer
* Shares rise as much as 34.5 pct (Adds details, share movement)
EcoSecurities Group Plc (ECO.L) on Monday rejected a counterbid from an EDF unit, sparking hopes of a bidding war for the UK-based carbon offset project developer, sending its shares higher as much as 34 percent.
EDF Trading Ltd, a unit of Electricite de France SA (EDF.PA), said in a statement that it was considering a cash offer of at least 75 pence per share for EcoSecurities.
EcoSecurities, which develops carbon offsetting projects under the Kyoto Protocol's Clean Mechanism scheme, termed the approach as "wholly inadequate" and advised its shareholders to take no action.
In a statement, EcoSecurities also said that it had recently rejected an indicative conditional proposal of 96 pence per share in cash from EDF.
"With the prospect of a bidding war, it is now unlikely that it will survive as a listed entity - the question is the price," said KBC Peel Hunt analyst Andrew Shepherd-Barron....MORE
