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

Three early investors of UK battery start-up Britishvolt have submitted an offer worth £30 million (US$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 per cent share of the company, fractionally lower than the 95 per cent 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.

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