Good Energy rebuffs 'hostile and highly opportunistic offer' from Ecotricity

Energy firm Good Energy has rebuffed yet another "hostile and highly opportunistic offer" from Ecotricity that it claims significantly undervalues the business.

Ecotricity, which owns a 25.1% stake in Good Energy, made an offer of 340.0p per share in cash back in July, which followed previous takeover attempts valued at 310.0p and 330.0p per share.

However, Good Energy stated it was "successfully delivering" on its modern, digital strategy, which it said was different to Ecotricity's "outdated, centralised business model", and that it was also in "a great position for accelerated growth".

"Ecotricity is an unfit owner with an unsuitable plan," said Good Energy. "Ecotricity's poor business condition means it is an unfit owner for the company."

"Good Energy shareholders should REJECT THE OFFER by taking no action," it added.

As of 1100 BST, Good Energy shares were up 1.82% at 335.0p.