Australian renewable company Genex Power has rejected a A$300m (€203m) joint bid from Stonepeak Partners and Skip Essential Infrastructure Fund 1 (SEIF), but said it is willing to consider an improved offer.

The company’s board said after careful consideration of the indicative proposal, it had unanimously concluded that the offer undervalued Genex.

Genex said it was, however, willing to engage with the consortium to explore whether it could submit a revised proposal that was “capable of being recommended to Genex shareholders by the board”.

Last month the board of ASX-listed Genex said SEIF and Stonepeak had made a non-binding bid to acquire all of the company’s ordinary shares on issue at A$0.23 per share. At the time, the offer price represented a 70% premium to Genex’s shares’ last closing price of A$0.14.

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