Dubai technology group gets extension on Good Energy takeover proposal

Technology group Esyasoft has been given another month to come forward with takeover plans for renewable energy specialist Good Energy.

Last month the Dubai-based group made an “unsolicited” approach and now has until December 23 to progress its due diligence exercise after the Panel on Takeovers and Mergers approved an extension.

Chippenham-based Good Energy was valued at £50m before the potential bid was revealed, and the subsequent share price rise has increased that to around £65m.

Esyasoft is an international technology group focused on smart utility solutions and software.

In October, Good Energy bought solar installation company Empower Energy in a deal worth up to £8.0m.

The combination of Empower, the recently-acquired Lincolnshire-based Amelio, and Good Energy’s existing solar installation capability across the south, “represent a major step towards completing Good Energy’s strategic objectives in the solar installation market”, the company said at the time.