(Reuters) - The UK takeover panel said on Friday it had planned an auction for May 21 to conclude the sale of Harmony Energy Income Trust, after rival bidders failed to submit final offers for the
UK Takeover Panel Schedules Auction for Harmony Energy
(Reuters) - The UK takeover panel said on Friday it had planned an auction for May 21 to conclude the sale of Harmony Energy Income Trust, after rival bidders failed to submit final offers for the British battery storage investment firm.
The bidding process follows a proposal last month from two funds managed by British investment manager Foresight Group LLP, which valued Harmony at around 209.9 million pounds ($278.12 million), surpassing an earlier 199.9 million pounds bid from British power company Drax.
The outcome of the auction, which will consist of up to five rounds, is expected to be announced on May 22.
($1 = 0.7547 pounds)
(Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Mohammed Safi Shamsi)
