Infinis, a waste-to-energy specialist with ambitions to crack into the wind industry, says it bought the 5.6 million Novera shares – or 3.9% of the total – from a single shareholder for £0.75 each. UK law compels Infinis to extend that price to all of Novera’s shareholders.

London-based renewables developer Novera saw its share price rocket 16% on the fresh offer. But even after its latest pick up, Infinis only owns 46.7% of Novera’s outstanding shares. It needs 50% in order to re-appropriate Novera’s assets under its own brand and shuffle its board, as it would like.

Getting those last few percentage points is going to be difficult, says Ed Guinness, fund co-manager of Guinness Atkinson's allternative-energy fund, which holds Novera shares.

“But I still feel this offer significantly undervalues Novera, and as far as I’m aware, all of the major institutional shareholders are planning to hold out for a higher price.”

Infinis’ new offer comes on the heels of Novera’s revelation that it is in negotiations with several parties interested in buying a stake in its existing wind portfolio. Novera owns two operational wind farms, the 30-megawatt (MW) Lissett and the 15MW Mynydd Clogau.

The takeover saga began on 7 October when Infinis, which already held a 42.6% stake in Novera, offered other shareholders £0.63 for their shares – or a 30% premium over Novera’s market valuation on 6 October.

Infinis’ latest offer of £0.75 per share values Novera at £108.6m – or a 55% premium over its market capitalisation on 6 October.