Audax Renovables has launched a voluntary takeover bid for Norway-based Elmera Group valued at 4.5 billion Norwegian crowns, equivalent to about $456 million. The Spanish energy company made the announcement on Thursday, signalling an intended move to expand and diversify its European footprint.
Market reaction was immediate. Elmera shares jumped roughly 43% in early trading following the news, while Audax stock traded down about 1.4% in early session activity.
Elmera disclosed that it has also received a separate, non-binding approach from another strategic party that offers a "significantly higher price." According to Elmera’s statement, the company has entered into a due diligence process and an exclusivity agreement with that undisclosed interested party. The company said the process has been underway for several weeks.
Both sides have been reserved in public comment. Elmera declined to provide additional details beyond its statement, and Audax was not immediately available to comment on the bid or the competing approach.
On shareholder support, representatives of approximately 43.3% of Elmera’s capital have indicated they back the Audax proposal. The transaction, however, requires a minimum acceptance level of 66.7% to proceed.
Audax characterised the proposed acquisition as a way to strengthen its presence in Europe, with particular emphasis on the Nordic region, and to broaden its energy platform. Elmera operates as a multi-utility business and includes telecommunications activities as part of its operations.
Key outstanding items include the progress and outcome of the due diligence with the other interested party, whether the competing offer will mature into a firm proposal, and whether Audax can secure the additional shareholder support needed to meet the 66.7% acceptance threshold.
For now, the situation remains fluid: Elmera has acknowledged the competing approach and exclusivity arrangements, while the Audax bid stands subject to shareholder acceptance and public developments in the parallel process.