Drax Group Plc (DRX.L), a renewable energy company, announced Friday that its cash offer for HEIT has lapsed.
It was on March 25 that Drax Group's unit Drax Bess Holdco Limited and HEIT announced that they had reached agreement on the terms of the Drax's acquisition offer, to be implemented by way of a court-sanctioned scheme of arrangement.
On May 20, Drax Bidco confirmed that it would not be increasing the financial terms of its offer for HEIT at a price of 88p per HEIT ordinary share.
Drax now noted that its Scheme was conditional, amongst other things, on Drax Bidco's Court Meeting being held on or before the 22nd day after May 7, being the originally expected date of the Court Meeting or such later date as may be agreed by the parties.
No such later date was agreed between Drax Bidco and HEIT and the Mini Long Stop Date therefore was May 29. The company noted that certain condition as set out in the Drax Scheme was not satisfied on or before May 29.
The firm noted that Drax Bidco has invoked the Mini Long Stop Date condition of the Drax Scheme and, as such, the Drax Scheme has lapsed, with effect from the latest announcement.
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