Dec 17 (Reuters) - APR Energy Plc’s board on Thursday urged shareholders to back a 165 million pound ($253 million) buyout offer made by a consortium including its biggest shareholder, as the power plant supplier continues to operate in a precarious financial situation.
The company, which rents out turbines and generators to cover electricity shortfalls, said it had received a number of suggestions from shareholders over possible alternative ways to stabilise its finances, but did not find any of these capable of execution.
After a year dogged by the loss of projects in conflict zones, APR in October received a 175 pence-per-share cash offer from a group comprising Fairfax Financial Holdings Ltd, ACON Equity Management LLC and Albright Capital Management LLC.
“The board of APR Energy may not be in a position to negotiate alternative arrangements to permit the APR’s financial survival in its current form, whether under a quoted holding company or otherwise,” the company said in a statement.
The independent APR Energy directors continue to recommend that APR shareholders accept the offer, it said. (Reporting by Esha Vaish in Bengaluru; Editing by Gopakumar Warrier)