Harmony Energy Faces Competitive Bids from Drax and Foresight

Harmony Energy Income Trust Plc ( (GB:HEIT) ) just unveiled an announcement.

Harmony Energy Income Trust Plc (HEIT) is currently at the center of a competitive acquisition situation involving two offers. Initially, Drax BESS Holdco Limited proposed a cash acquisition of HEIT’s entire issued share capital at 88.0p per share. Subsequently, Foresight Bidco, backed by Foresight Group LLP, made a higher offer of 92.4p per share, leading HEIT to withdraw its recommendation for Drax’s offer. An auction procedure is set to resolve this competitive situation, with HEIT advising shareholders to await further announcements before taking any action.

The most recent analyst rating on (GB:HEIT) stock is a Buy with a £0.71 price target. To see the full list of analyst forecasts on Harmony Energy Income Trust Plc stock, see the GB:HEIT Stock Forecast page.

Spark’s Take on GB:HEIT Stock

According to Spark, TipRanks’ AI Analyst, GB:HEIT is a Neutral.

The overall stock score reflects significant financial challenges, including negative profitability and cash flow issues, which are partially mitigated by strong technical momentum and positive corporate events. The mixed valuation due to a negative P/E ratio also weighs on the score, but strategic corporate developments offer potential improvements.

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

More about Harmony Energy Income Trust Plc

Average Trading Volume: 2,260,912

Technical Sentiment Signal: Buy

Learn more about HEIT stock on TipRanks’ Stock Analysis page.