Ecotricity's Good Energy Bid Accepted by Shareholders With 2.1% Stake

By Jaime Llinares Taboada

Ecotricity Group Ltd. said Thursday its offer for Good Energy Group PLC has been accepted by shareholders representing a 2.1% stake in the capital of the renewable-energy retailer.

In a separate statement issued Thursday morning, Good Energy once again recommended that shareholders reject the offer, arguing that it doesn't take into account the company's potential for growth, and that Good Energy is worth more than Ecotricity's 340 pence-a-share bid.

"This hostile offer, if successful, would risk severely damaging the company's potential for further growth, and deny our investors the opportunity to be a part of it," Good Energy Chairman Will Whitehorn said.

Ecotricity has a 25.1% shareholding in Good Energy.

Shares in Good Energy at 0751 GMT were up 1.8% at 335 pence.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

09-16-21 0416ET