Deal close for EcoSecurities
The battle for EcoSecurities could be over after carbon offset trader told shareholders accept an increased takeover offer from US investment bank JPMorgan Chase.
A vehicle acting for JP Morgan today upped its bid to £129 million, an increased offer of 105p a share in cash trumping its own offer of £1 a share tabled last week.
On receipt of the raised bid the board of AIM-listed EcoSecurities told shareholders to accept.
JP Morgan improved its offer to see off EcoSecurities founder and eco-millionaire Pedro Moura Costa, who has attempted to take the company private with a 90p a share offer.
Costa's Guanabara vehicle is believed to be assessing its options.
EcoSecurities shares signalled that investors may be looking for a counter-bid as they rose 2½p to 107½p.
Interest has ignited in the carbon offset market because it could be a major beneficiary of the upcoming key Copenhagen summit to cut global greenhouse gas emissions.
