ELYO WITHDRAWS OFFER ON TRIGEN.
Elyo, French subsidiary of multi-utility group Suez-Lyonnaise des Eaux has withdrawn an offer to pay USUSD 22 each for its subsidy Trigen's publicly held shares. In its brief statement withdrawing the offer, Elyo described revised projections Trigen prepared after the offer was made as "unrealistic and aggressive,' adding: "Accordingly, Elyo does not believe it will be possible to reach a mutually acceptable agreement on price." Elyo, owns 52.6% of Trigen's 12.4 million shares. Later on, Trigen said Elyo withdrew the offer during a scheduled meeting with the special committee of Trigen's board, and noted the special committee was appointed after Elyo made its offer on September 20. The company's statement quoted, Charles Bayless, chairman of the special committee, as commenting: "Trigen signed 14 new contracts over the past 13 months, including a major outsourcing contract signed this week. There are many more contracts currently under serious negotiation and those formed the basis for the projections reviewed by the committee."