German solar park operator Capital Stage AG is set to take over fellow German solar and wind park operator Chorus Clean Energy.
Chorus welcomed Capital Stages takover offer on Thursday, saying it was in the best interest of the company, its shareholders and employees.
The company, which currently operates more than 90 plants in seven European countries and manages a portfolio of more than 485 MW of installed capacity, recommended its shareholders to accept the offer.
Chorus, which also acts as a full service provider for investments in renewable energy, said its management and supervisory boards published their statement pursuant to the German Securities Acquisition and Takeover Act following a detailed examination of Capital Stages public exchange offer.
According to the offer, Chorus shareholders can exchange three Chorus shares for five Capital Stage shares, with an implied offer price of 11.50 per Chorus share, which corresponds to a 36% premium.
Peter Heidecker, the companys founder, biggest shareholder and supervisory board chairman, as well as management board members have already tendered their stakes, which amount to some 15% of all Chorus shares, for shares in Capital Stage.
Capital Stage, which is listed on the SDAX of the Deutsche Börse, focuses on the acquisition of and operation of solar parks and onshore wind farms. The company currently operates a total of 81 solar parks and 10 wind farms, with output of more than 600 MW in Germany, Italy, France and the U.K.