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 is facing competition from Finnish energy company Fortum, which has submitted a new bid for the operator.
Elmera Group shares climbed 2% in early Monday trading on the Oslo Stock Exchange following reports of Fortum's renewed interest.
Despite the competitive pressure, Audax has warned that its offer will not be eternal.
The company is emphasizing the need for a structured process to evaluate the target's assets and liabilities before committing to a higher price.
This stance introduces a time-sensitive element to the bidding war, potentially pressuring Elmera's board to accelerate decision-making.
Elmera Group shares climbed 2% in early Monday trading on the Oslo Stock Exchange following reports of Fortum's renewed interest.