Drax Group’s Acquisition Bid for HEIT Lapses

The latest announcement is out from Drax Group plc ( (GB:DRX) ).

Drax Group’s subsidiary, Drax Bidco, announced the lapse of its cash offer for the entire issued share capital of HEIT. The acquisition was intended to proceed through a court-sanctioned scheme of arrangement but failed to meet the necessary conditions by the specified deadline, impacting Drax’s strategic acquisition plans.

The most recent analyst rating on (GB:DRX) stock is a Buy with a £7.50 price target. To see the full list of analyst forecasts on Drax Group plc stock, see the GB:DRX Stock Forecast page.

Spark’s Take on GB:DRX Stock

According to Spark, TipRanks’ AI Analyst, GB:DRX is a Outperform.

Drax Group plc scores a robust 79, driven by strong technical indicators and an attractive valuation. Solid financial performance and strategic shareholder value initiatives further support the score. Although regulatory uncertainties and project delays pose risks, Drax’s proactive management and strategic planning mitigate these concerns.

To see Spark’s full report on GB:DRX stock, click here.

More about Drax Group plc

Drax Group plc is a British energy company primarily involved in renewable energy generation. The company focuses on biomass power generation and aims to lead the transition to a zero-carbon, sustainable energy future.

Average Trading Volume: 1,611,343

Technical Sentiment Signal: Strong Buy

Current Market Cap: £2.28B

For a thorough assessment of DRX stock, go to TipRanks’ Stock Analysis page.