Tricorona's board rejects Opcon AB takeover offer

LONDON, March 29 (Reuters) - Clean energy project developer Tricorona's board of directors on Monday recommended its shareholders reject a takeover offer from Swedish energy and environmental company Opcon AB.

Opcon last month offered to buy Tricorona in an all-share deal valuing the Stockholm-based firm at just over 1 billion Swedish crowns ($138 million).

Opcon is offering one Opcon share for every 6.5 Tricorona shares.

Tricorona shares were up 1.4 percent at 7.2 crowns at 1330 GMT while Opcon shares fell by 1.20 percent to 46.6 crowns.

Tricorona's board said in a statement it strongly believes the firm can continue to generate value for shareholders as an independent entity and has not identified any synergies between the companies that cannot be found in an increased partnership with Opcon.

'(The board) does not believe that the offer reflects the underlying value of Tricorona,' it added.

The offer is conditional on shareholders representing at least 30 percent of Tricorona's shares accepting the bid.

The acceptance period runs from March 23 to April 13.

($1=7.235 Swedish crowns)

(Reporting by Michael Szabo; Editing by Greg Mahlich) Keywords: TRICORONA/ ([e-mail]; [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.