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The Takeover Panel has issued a 'put up or shut up' notice to the two bidders vying to grab renewable energy business Novera Energy - the pair have been given a deadline of 2 June to submit bids.
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The two protagonists are 3i Infrastructure Fund, which has already indicated it would be willing to pay 90p a share for Novera through its Harrier bid vehicle, and Terra Firma-owned Infinis, which has built up a 29 per cent stake in Novera. Infinis already produces 10 per cent of the UK's renewable energy.
The legal issues facing a potential 3i bid have now been resolved, while Infinis' stake-building - at 90p - suggest that both are serious about bidding. The deadline should focus minds on formalising this interest. Meanwhile, Novera's attractions were emphasised earlier this week when it announced that it had received planning permission for a 20 turbine wind farm in Scotland.
Novera's shares remain stubbornly above the 90p level, at 93.5p, and well ahead of our long-standing buy tip (60p, 15 December 2006). Both bidders have given every indication of their seriousness so far and, although nothing is guaranteed, investors should continue to sit tight.
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