Skip Capital and Stonepeak Partners were in talks to increase their joint bid for renewable energy assets owner Genex Power on Sunday night, but only if they could be guaranteed a board recommendation at the new price.
, in a bid to get into Genex’s data room and break a two-week stalemate.However, the suitors wanted a guarantee that the new price would be high enough to get the Genex board’s recommendation, should they return from diligence with a binding bid. Skip, owned by Atlassian billionaire Scott Farquhar and his wife Kim Jackson, and Stonepeak didn’t want to waste the next four to six weeks in the data room, only to find out there was never a chance of a deal at the stated price.
The weekend talks came after a fortnight of back-and-forth between suitor and target about confidentiality and standstill agreements. While Genex rejected Skip/Stonepeak’s 23¢ a share indicative bid, itA, negotiating the agreements proved difficult. There were said to be delays at both ends, with one side trying to rustle up a rival bid while the other was happy to wait and prove it was the main game.
Genex owns the Kidston Clean Energy Hub in North Queensland, which includes pumped hydro and solar energy assets, and other developments in Queensland and NSW. Goldman Sachs and Gilbert + Tobin are advising Genex, while Jarden and RBC Capital Markets advise Skip/Stonepeak. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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