Alkane Energy share price soars 41 per cent as Balfour Beatty Investment Partners reveals £61.4m takeover
Alkane Energy's share price has soared more than 40 per cent this morning after Balfour Beatty revealed it was buying the smaller firm out for around £61.4m.
Balfour Beatty Infrastructure Partners (BBIP) is buying Alkane – which runs mid-sized gas to power electricity plants and has onshore petroleum licences that allow it to run coal mine methane sites extracting gas from old pits – through its purpose-created vehicle Barbican Bidco.
Under the terms of the offer Alkane shareholders will receive 36p per share, a 44 per cent premium on the closing price from yesterday's closing price of 25p. It is 59.5 per cent higher than the six month average closing price.
Alkane's share price was up 41.6 per cent at pixel time.
The directors of Alkane said the deal was "fair and reasonable" and intend to recommend unanimously that the offer be accepted.