Pedro Moura Costa, the co-founder and former president of EcoSecurities, is confident his improved offer for the clean energy project developer will be successful, and dismissed the idea of a bidding war.
"There are no other bids on the table. There is no bidding war," he told Reuters in a telephone interview Tuesday.
"We have made a very aggressive and fair offer and the response has been overwhelmingly supportive of the bid," he said, adding that around 25 percent of shareholders have now agreed to accept the bid.
Costa's holding company Guanabara Tuesday increased its offer for EcoSecurities to 90 pence per share from 77 pence, and lowered the level of acceptances needed for the takeover to 50 percent from 80 percent.
"By lowering to 50 percent we achieve control sooner rather than later. This has been dragging on for long enough and we want to bring this process to a close," Costa said.
Swedish developer Tricorona, which said in July it was considering a bid for EcoSecurities, declined to comment....MORE