Greentech waives Fersa purchase

Minimum acceptance rate of 50%+ of shares in Fersa Energías Renovables, S.A (MCE: FRS). was not achieved since only 41.81% of shares were tendered to Greentech Energy Systems A/S (CPH: GES). As a result, the Danish company will not accept the shares tendered. Greentech seems even relieved the offer did not go through. Chairman Peter Høstgaard said that the company believes its offer represented a compelling exit point especially considering the developments in Spain after Greentech announced its interest. Of course the company could have waived the condition and just accepted less than a majority. Greentech aims to be vigilant for distressed opportunities that may arise in the near future. Both Greentech and Fersa are down sharply in today’s trading, with the latter now trading far below offer price.