The new bids follow the parties’ having confidential access to CanHydro’s data, and the company said ‘TransAlta no longer has the leading proposal’.
In extending its bid deadline, TransAlta has left the terms of the offer unchanged. The takeover offer of Can$4.55 (US$4.17) per share was made in early July, and soon after was rejected by the board of CanHydro.
CanHydro had a shareholder rights plan in place to shield against offers and despite failing on the first attempt to have it removed by the Alberta Securities Commission (ASC), TransAlta’s pressure succeeded. The ASC removed the plan only conditionally with respect to the takeover offer.
However, concurrent with the rights plan ceasing on 21 September the new offers were disclosed by CanHydro, prompting TransAlta to once again extend the deadline of its offer.
Canadian Hydro Developers has 694MW of net capacity, another 185MW nearing completion and 1624MW in development, including the 100MW Dunvegan run-of-river project.
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