Genex Power withdrawal of takeover offer

Genex Power Limited (ASX: $GNX) has announced the withdrawal of the takeover offer by JPGA Partners Pty Ltd. The proposed acquisition by JPGA Partners Pty Ltd of all shares in Genex that it does not already own has been terminated following the approval of the members' scheme of arrangement and the court orders approving the scheme.

Executive Commentary

We regret to announce the withdrawal of the takeover offer for Genex Power Limited. The approval of the members' scheme of arrangement and the court orders have led to the termination of the proposed acquisition. As a result, all unaccepted offers under the takeover offer are withdrawn, and the scheme is now legally effective, leading to the acquisition of Genex shares by shareholders other than J-POWER Nominee.

Summary

Genex Power Limited (ASX: $GNX) has officially withdrawn the takeover offer following the approval of the members' scheme of arrangement and court orders. This withdrawal has resulted in the termination of the proposed acquisition by JPGA Partners Pty Ltd. As a consequence, all unaccepted offers under the takeover offer are void, and the scheme is now legally effective, allowing Genex shareholders (other than J-POWER Nominee) to have their shares acquired under the terms of the scheme. The company will continue to focus on its operations and strategic initiatives in the wake of this development.