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UK startup Britishvolt investors submit bid to rival Indonesian fund offer - FT

Reuters
Updated ·1-min read

(Reuters) -Three early investors of UK battery start-up Britishvolt have submitted an offer worth 30 million pounds ($36.38 million) to the board, matching the bid made by the Indonesia-linked investment fund DeaLab Group, the Financial Times reported on Wednesday citing two people familiar with the matter.

The rival offer is for a 92.5% share of the company, fractionally lower than the 95% that DeaLab offered, the report said citing a letter sent to the board on Tuesday evening.

Britishvolt's board has been trying to muster shareholder support for the DeaLab offer by writing to investors ahead of a vote this Friday, the report added.

The UK startup said on Monday it was in talks with a consortium of investors about selling a majority stake in the company, but did not disclose any names.

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Britishvolt did not immediately respond to a Reuters request for comment on the report while DeaLab Group could not be reached.

($1 = 0.8245 pounds)

(Reporting by Urvi Dugar in Bengaluru; Editing by Krishna Chandra Eluri)