UK takeover panel cancels Harmony Energy auction
May 20 (Reuters) - UK's takeover panel on Tuesday cancelled an auction to conclude the sale of Harmony Energy Income Trust (HEIT.L), opens new tab, set to take place on May 21, after Drax (DRX.L), opens new tab, one of the bidders, decided against raising its offer.
The panel had decided on a bidding process following proposals last month from two funds managed by British investment manager Foresight Group LLP, valuing Harmony at around 209.9 million pounds ($278.12 million), which surpassed Drax's 199.9 million pounds bid.
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