LONDON (ShareCast) - (Sharecast News) - Shares in Good Energy jumped on Monday after the Chippenham-based renewable electricity company said it has finally recommended a takeover worth £99m by Dubai's Esyasoft after months of negotiations.

The firm, which provides things like EV charging and solar panel storage solutions to residential households, initially received a proposal from Esyasoft in October of 412p per share, but had it was "not a fair reflection of the future growth opportunities".

After a series of negotiations and extensions to the takeover deadline, Good Energy and Esyasoft have now settled at a revised offer of 490p, recommended by the UK company's board, representing a price of £99.4m on a fully diluted basis or £67.8m on an enterprise value basis.

The cash offer represents a 66% premium to the closing price on 25 October, the day before the first proposal, and an 87% premium to the three-month average prior to that.

"In accordance with its fiduciary duties, the Good Energy board believes the terms of the acquisition, including the price, are such that shareholders should be provided with the opportunity to consider them," the London-listed company said in a statement.

The stock was up 20.4% at 475.62p by 0826 GMT.

Good Energy said there is a "high degree of convergence" between its business model and Esyasoft's, whose mission is to accelerate green energy transition and carbon reduction. The Dubai outfit is aiming to create an end-to-end smart grid business with approximately one billion end-use customers.

"Today we have an opportunity with a partner that shares our sustainable energy vision and has the resources to accelerate our purpose substantially," said Good Energy's chief executive Nigel Pocklington.

"Whilst the board remains confident in Good Energy's strategic delivery as a publicly listed company, Esyasoft's financial resources, in addition to its presence in new markets, present a significant increase in our potential."

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