Genex seals deal for takeover by Japan’s J-Power

The news: ASX-listed renewable energy company Genex Power has entered into a binding transaction for Japan's J-Power to acquire all of Genex.

The numbers: The transaction will see J-Power acquire Genex shares it does not own for $0.275 in cash and make a simultaneous off-market takeover offer for all of the Genex shares for $0.27 each in cash.

The takeover implies an enterprise value for Genex of $1.035 billion, an equity value of $381 million and an uplift in equity value of about 15% to J-Power’s initial bid.

The context: After knocking back a previous bid by J-Power of 23.5 cents to 24 cents per share, an independent committee of the board of directors of Genex recommended that shareholders vote in favour of the new scheme.