Bid for SunSeeker

Listed solar power company SunSeeker Energy said yesterday it was the subject of a takeover offer by SunSeeker Energy UK. The UK company is seeking a three-month option to buy the assets of SunSeeker Energy Australasia.

It planned to pay one share in the UK company for every SunSeeker NZ share, and pay $500,000 in cash. New Zealand directors did not oppose the plan, which valued the assets well above $2 per share, but said it had to gain shareholder approval and meet other conditions.

SunSeeker shares last traded in November at $1.02.

- NZPA