- Renewable electricity supplier Good Energy said it had rejected a 'hostile' takeover of 340 pence per share from Ecotricity as it undervalued the company.

The company reaffirmed its previous statements, saying the offer 'significantly undervalues Good Energy.' It strongly urged all shareholders to reject the offer.

'Ecotricity wishes to make Good Energy a renewable generation developer again, an approach we moved away from a number of years ago in favour of supporting small-scale renewable generators through long-term power purchase contracts,' said Will Whitehorn, Chair of Good Energy.

'Ecotricity has been a loss-making business for the past four years. Its claim that they consider us 'sister companies, with more in common than separates us', is contradicted by their history as a disruptive shareholder, voting down 100% of our proposed special resolutions,' Whitehorn added.

'We, the board, believe Ecotricity would take this company backwards.'

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