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Balfour buys Alkane Energy

Balfour Beatty Infrastructure Partners has snapped up Alkane Energy at a 44 per cent premium.
September 16, 2015

Gas to power firm Alkane Energy (ALK) on Wednesday received a takeover bid from Barbican Bidco, a newly formed company owned by Balfour Beatty 's (BBY) investment unit. Barbican's offer of £61.4m for the entire issued capital came at a 44 per cent premium to the Tuesday's closing price, sending the shares up just shy of that figure.

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Alkane's directors accepted the offer - which also came at a 29 per cent premium to broker Cantor Fitzgerald's target - commenting that the share price had been "impacted by negative sentiment towards the energy industry and continued regulatory scrutiny". Balfour's shares opened 0.6 per cent up on the news, before returning to Tuesday's closing price.