Financial Soultions: JP Morgan driving a hard bargain for EcoSecurities.

Sept. 23, 2009 - PRLog -- After earning further support from shareholders this week, JPMorgan Chase & Co, again increased its cash offer on the Carbon Acquisition Company, Financial Soultions understands, saying it had upped its suggested offer to 105 British pence per share, pushing EcoSecurities value to close to 129 million pounds, roughly $211 million, after JPM purchased another 18.3 million shares in the company, which translates to almost 15.5% of EcoSecurities.

The new offer contrasts with JP Morgan's earlier bid of 100 pence and a rejected offer of 90 pence from opposition bidder Pedro Moura Costa, the co-founder and former president of EcoSecurities.

EcoSecurities, Financial Soultions understands, issued brief statement recommending shareholders accept the revised JP Morgan offer.

"It's slightly unusual to outbid yourself without the other party intervening but it's likely 105 pence was the price they had to pay on market to acquire the additional shares," said an analyst known to Financial Soultions.

Costa's investment medium, Guanabara, said previously it was extending its offer for EcoSecurities and that it kept the right to raise its tender now that a bidding war had ensued.

"We are in the process of due diligence to decide on a potential revised offer," Costa is known to have made known.

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