Audax Renovables has signaled it is prepared to increase its takeover offer for Norwegian listed company Elmera Group, provided it is granted the opportunity to conduct a formal due diligence process.
The Spanish renewable energy developer, which launched a voluntary cash tender offer for 100% of Elmera earlier this month, views the financial and operational review as a critical step to validate the transaction's value and potentially justify a higher price tag for shareholders.
This conditional stance suggests that the current offer of NOK 41.
The development marks a significant escalation in the cross-border M&A attempt, which has faced scrutiny over the speed and transparency of the initial approach.
By explicitly linking a potential price increase to the completion of due diligence, Audax is attempting to reassure Elmera investors and the target's board that the offer is robust and backed by thorough analysis, rather than a speculative bid.
This conditional stance suggests that the current offer of NOK 41.20 per share may be a floor rather than a ceiling, contingent on the findings of the upcoming review.
Elmera Group, a key player in the Norwegian offshore wind sector, has been navigating a period of intense market interest following the initial bid announcement.