What was announced

Drax Group plc published an update on 30 October 2026 under Rule 19.6(b) of the UK Takeover Code. (LSE:DRX) The statement concerns a post-offer intention that Drax set out during its Acquisition of Bluefield Solar Income Fund Limited (BSIF), which completed on 31 July 2026.

In the scheme document published on 29 June 2026, Drax said it would "engage with Bluefield Partners LLP regarding a potential acquisition of all or part of the Bluefield Group", with the aim of reaching agreement within three months. (LSE:DRX)

Drax has now confirmed that no agreement has been reached. (LSE:DRX) It said discussions with Bluefield are ongoing and that it "expects to provide a further update in due course". No revised target date, valuation or deal structure was disclosed.

What Rule 19.6(b) means

Under the Takeover Code, statements a bidder makes during an offer about what it intends to do once the offer completes are classed as post-offer intention statements. (LSE:DRX) Rule 19.6 governs how those statements are followed up. Rule 19.6(b) requires the bidder, where it has made such a statement, to make a public announcement after the relevant period, confirming whether it has taken the course of action it described and, if not, explaining the position.

The 30 October statement is therefore a regulatory disclosure on progress against a commitment made in the BSIF scheme document. It is not an offer, a possible offer announcement or a new transaction. It also does not indicate that talks have ended; the company said they continue.

Background to the BSIF acquisition

BSIF owns around 0.9GW of solar and onshore wind Assets across more than 200 sites in the UK, according to Drax. The fund was externally managed by Bluefield Partners LLP, which is why the scheme document raised the possibility of Drax also acquiring all or part of the wider Bluefield Group.

According to AJ Bell reporting on 1 June 2026, when the offer was announced, Drax Smart Generation Holdco Ltd, a wholly owned Drax subsidiary, agreed to pay 92.57p in cash per BSIF share. BSIF shareholders were also entitled to keep a second Interim Dividend of 2.25p, taking the total to 94.82p. AJ Bell reported an Equity value of about £548 million for the cash offer, or around £561 million including the dividend, and an Enterprise value of about £1.08 billion. The cash price represented a 28% premium to BSIF's undisturbed share price but was about 9% below its net asset value per share of 104.52p as at 14 May 2026, the report said. These figures come from that report rather than the 30 October announcement.

The scheme document followed on 29 June 2026, and the acquisition completed on 31 July 2026, bringing BSIF's portfolio into the Drax group.

Why it matters

Bluefield Partners was the Investment adviser to BSIF before the acquisition, so a deal would extend Drax's ownership from the solar and wind portfolio to the Business that advised on it. The announcement does not describe the current arrangements between Drax and Bluefield Partners, and it gives no indication of whether the scope of a potential deal has changed from "all or part" of the Bluefield Group.

The announcement does not include any financial terms, nor does it say what obstacles, if any, have delayed agreement beyond the original three-month window.

What to watch next

Drax has committed only to a further update "in due course". Investors will be looking for whether that update confirms a transaction, sets out its scope and cost, or reports that discussions have ended. A further point of interest is whether Drax sets a new target date, given that the original three-month aim has now passed.