(Reuters) -UK’s takeover panel on Tuesday cancelled an auction to conclude the sale of Harmony Energy Income Trust, set to take place on May 21, after Drax, one of the bidders, decided against raising its offer.
The panel had decided on a bidding process following proposals last month from two funds managed by British investment manager Foresight Group LLP, valuing Harmony at around 209.9 million pounds ($278.12 million), which surpassed Drax’s 199.9 million pounds bid.
(Reporting by Prerna Bedi in Bengaluru; Editing by Shreya Biswas)
