Last December, Mr Prahor and ABN said they would consider making a bid for the struggling power generation company after carrying out a requested due diligence.
After consulting major shareholders, the board of Energy Development said it saw no basis to allow Mr Prahor and ABN to conduct the due diligence requested.
"Such a process would be costly, time consuming and involve the release of commercially sensitive and valuable data which could be damaging to the company's ongoing business interests," Energy Development said.
A one-time market darling, the green energy player has frustrated investors and the market recently with its inability to commercialise its solid waste-to-energy technology, mainly as a result of technical glitches with a crucial component.
