The deadline for bids for renewable energy group Novera has passed without firm proposals from potential suitors 3i or Terra Firma.
Shares in the company, which is developing wind farms and methane gas generators, fell 13.75p, or 14.4%, to 81.5p as traders reacted to the news that the deadline by which the group’s two tentative bidders had to make a firm offer or withdraw had passed without any bid being made.
3i Infrastructure’s bid vehicle Harrier Acquisitions, which has a 10% stake in Novera, said it would not make an offer in the next six months. It had previously said it was considering a 90p a share offer, valuing the developer of wind farms and methane gas generators, at £110m (US$220m).
Infinis Acquisitions, the vehicle of Terra Firma, also said it would no longer make a bid. Both potential bidders reserved the right to return to the fray if the other submitted an offer or there was a material change in Novera’s circumstances.