JPMorgan arm ups EcoSecurities offer

JPMORGAN Chase vehicle Carbon Acquisition Company (CAC) yesterday hiked a cash offer for the carbon offset aggregator EcoSecurities, in a bid to win round shareholders.<br /><br />CAC increased its initial offer of 100p per share to 105p, valuing EcoSecurities at &pound;129m and also bought a further 18.3m shares in the company, taking its stake to nearly 15.5 per cent.<br /><br />EcoSecurities has recommended the offer to shareholders, particularly as it compares favourably with a 90p per share offer from Pedro Moura Costa, the co-founder and former president of EcoSecurities.<br /><br />The increased offer is understood to be a pre-emptive move in anticipation of a counterbid from Costa&rsquo;s investment vehicle Guanabara, which said last week that it might up its bid.<br /><br />Including acceptances from shareholders owning 19.9 per cent of the firm, JP Morgan now owns or has agreed to acquire 35.9 per cent of EcoSecurities. The Wall Street giant would need more than 50 per cent to force a takeover.