Stroud-based green energy giant Ecotricity has revealed its intention to acquire listed renewable electricity company Good Energy Group.

Headed up by well-known businessman Dale Vince, Ecotricity already owns a 25.1 per cent stake in the rival business, but said it had submitted a third non-binding indicative offer this month for the remaining shares that it does not already own.

Ecotricity said: "Ecotricity believes that an offer at 340.0 pence per share would represent compelling value and could give Good Energy shareholders the opportunity to sell their shareholding for cash."

However, the offer of 340.0 pence per share was rejected by the board of the Good Energy Group on July 8.

A statement to investors released by the Good Energy Group added that Ecotricity's first indicative offer of 310 pence per share, and second of 330 pence per share had both been made in June and were also rejected by the board.

The statement added that Ecotricity is now required, by no later than 5:00 p.m. on August 9 to either announce a firm intention to make a further offer for Good Energy or announce that it does not intend to make an offer.

Zeus Capital are acting as financial advisors to Ecotricity.