Scotching speculation the nuclear power stations operator was close to an agreed £10billion deal with EDF, the company said none of the proposed offers was above Friday’s closing price of 735p a share.

The French company is thought to have offered between 680p and 700p, but some analysts think the UK operator should hold out for 750p.

British Energy added: “The board is clear that in current circumstances such proposals do not represent value for shareholders.” The shares closed 14p lower at 721p.

It said the proposals failed to take proper account of the price of electricity and the value of its sites and staff at a time when attention was turning to building nuclear reactors.

British Energy, which is 35 per cent Government-owned, said it would continue discussion on a bid or a series of partnerships.

“They have done absolutely the right thing,” said Evolution analyst Lakis Athanasiou.