LPE Rejects Undervalued Takeover Offer and Plans Share Buyback

Locality Planning Energy Holdings Limited (ASX: LPE) has officially advised shareholders to reject an unsolicited takeover bid from River Capital, which aims to acquire all remaining LPE shares at 8 cents each. The board believes this offer significantly undervalues the company. Following this, in about two weeks, LPE will issue a formal target's statement, outlining detailed reasons for its recommendation against the offer.

Furthermore, LPE’s directors, who collectively own 19.65% of the company’s shares, have expressed their intention not to accept the offer. Concurrently, LPE is preparing for an on-market share buyback to improve liquidity and return surplus cash to shareholders. This action, however, could potentially affect the conditions of the takeover offer. Shareholders are advised to take no action until further guidance is provided by the board.

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