Tim Cornelius, chief executive of renewable energy group Simec Atlantis PLC (LON:SAE) says anyone making an offer would have to pay substantially more than the current share price.
He says he is aware of talk of a potential break-up, which is understandable especially while the share price is so out of kilter with the underlying book value.
Cornelius it is easy to make a case for a value at least four times more than the current £80mln market cap.
In the meantime, the deal with Green Highland Renewables will close in around two weeks and Cornelius is keen for more hydro-power acquisitions in Scotland.
At offshore tidal power project MeyGen, Simec and GE are also preparing to install the two of the largest undersea turbines in the world, which will boost efficiency and reliability.