| Sourced From UK.biz.yahoo.com |
LONDON, Sept 1 (Reuters) – Guanabara Holdings increased its cash offer for carbon offset company EcoSecurities Group Plc (LSE: ECO.L – news) to 90 pence a share from 77 pence on Tuesday, and extended the deadline for the bid until Sept. 18.
Guanabara, set up by EcoSecurities’ co-founder and former president Pedro Moura Costa, said it had received acceptances representing about 23.53 percent of EcoSecurities’ shares for its offer, which was due to close on Wednesday.
Its increased offer values EcoSecurities at about 106 million pounds ($173 million).
Guanabara said there would be no further increases in its offer, which represents a premium of about 98 percent on EcoSecurities’ share price on June 4 before the initial bid announcement, and no further extensions to the acceptance period.
Shares in EcoSecurities, which develops carbon offsetting projects under the Kyoto Protocol’s Clean Development Mechanism scheme, closed at 82.5 pence on Friday.
(Reporting by Paul Sandle)
($1=.6126 Pound)
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