Another London-listed company has announced it has had enough of the low valuations provided by the UK’s public markets.
Eckoh has received a non-binding offer of 54p per share from an unnamed private equity investor after seeking a buyer for the company. The offer comes amidst ongoing discussions about a potential sale of the company with the board concerned ‘the share price did not reflect the fundamental value of the business.”
Just days after i3 Energy announced it has agreed to a takeover and will plans to leave London, Eckoh look to be hot on their heels in throwing in the towel on their time as a London-listed company.
Late last year, Eckoh’s board began exploring options to boost shareholder value, believing the company’s share price undervalued. In March 2024, financial advisers were appointed to assess potential sale opportunities.
Multiple parties have been in talks with Eckoh since May 2024. The 54p per share offer, received on July 12, 2024, is described as “highly conditional” and “revised.” Eckoh emphasizes that discussions with other parties continue and that there’s no certainty of a final offer or its terms.
The company notes recent share price movements but has made this announcement without the consent of any potential buyers. Due diligence is ongoing, and further updates will be provided as appropriate.