News: GNX Australia's Genex Power rejects $220 million takeover bid, seeks higher offer

Aug 1 (Reuters) - Australia's Genex Power (GNX) on Monday rejected an unsolicited A$319 million ($222.76 million) takeover bid from two private equity firms, led by Atlassian co-founder Scott Farquhar, but said it was open to negotiations for a higher offer.

The renewable energy developer said that the indicative offer was not in the best interests of the holders of Genex shares, but added that it was "willing to engage constructively" with the consortium to explore whether the latter was capable of submitting a revised proposal.

Last week, Farquhar's Skip Essential Infrastructure Fund, which Genex said now owns a 19.99% stake in the company, and Stonepeak Partners LLC, offered to buy the company at 23 Australian cents per share at a time when the country's Labor government aimed to speed up the transition to cleaner energy.

The board was not prepared to grant access to due diligence requested by the consortium on basis of the current offer, but stated that it would be ready to open up its books should they make a revised proposal.

($1 = 1.4320 Australian dollars)