25th Jul 2025 12:46
(Alliance News) - Regent Acquisitions Ltd on Friday said it will surrender Inspired PLC to rival bidder HGGC, if its offer does not have enough acceptances by August 8.
Inspired, a Kirkham, Lancashire-based energy and sustainability advisor, has since April been at the centre of a bidding war between Regent, one of its largest shareholders, and a consortium led by Palo Alto, California-based private equity firm HGGC.
Regent, a London-based owner of gas and infrastructure companies, will allow its offer to lapse if it does not meet the 75% takeover acceptance condition by August 8.
Further to that, Regent has issued a conditional letter of intent, saying that it will accept HGGC's offer if its own approach fails. Regent went as far as to suggest that the ownership structure proposed by its rival could be better for growth.
Regent's Chief Executive Deep Valecha said its offer for 68.5 pence per share had succeeded "as a catalyst in driving a meaningful revaluation" of Inspired, whose share price hit a 12-month low of 34p back in November.
HGGC's offer is for 81p per diluted share, valuing Inspired at GBP183.6 million in total. This is 18% ahead of Regent's bid, and 6.0% higher than Inspired's closing price on June 25, the day before Inspired's board agreed to recommend HGGC's offer.
Inspired shares traded down 0.2% at 80.38 pence on Friday morning in London, for a market capitalisation of GBP128.3 million.
"We believe our engagement has helped surface Inspired's strategic potential and has prompted broader consideration of its long-term positioning," Valecha added.
As of Friday, Regent holds 29.36% of Inspired, and has acceptances from shareholders with a combined 0.31% stake. Inspired reported on Wednesday that 47.64% of shareholders were planning to vote against Regent.
Meanwhile, majority 29.73% owner Gresham House Asset Management Ltd has already approved HGGC's offer.
Voting will take place at Inspired's Annual General Meeting on June 27. However, the long stop date for a Regent takeover is December 26, extended from July 23, keeping Regent's offer open to acceptances until August 8.
By Holly Munks, Alliance News reporter
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