Livingston-based smart metering firm Energy Assets Group said on Wednesday it agreed to an improved takeover offer of £209 million in cash from funds controlled by US asset manager Alinda Capital Partners.

Energy Assets said the new 722.5p per share offer was an increase of 37.5p on the initial offer of 685p and a premium of 48.1 % to the closing price of 488p on April 15, the last business day prior to the original offer.

Shareholders controllling 79.5% of Energy Assets’ shares have now indicated they will vote to accept the offer.

On May 11, a group of shareholders who controlled about 23% of Energy Assets equity had threatened to vote against the original £198 million takeover offer.