A bid by Canadian power producer TransAlta Corp. to takeover Canadian Hydro Developers received regulatory approval to proceed, the company
The company was notified by the Canadian Competition Bureau that's its planned acquisition of Canadian Hydro Developers can proceed without further regulatory review.
The transaction, which amounts to $4.11 per share (4.55 Canadian), would accelerate its plan to become the largest publicly traded provider of renewable energy in Canada.
TransAlta's offer amounts to $591 million (653.5 million Canadian), based on Canadian Hydro's 143.8 million shares outstanding at the end of second quarter.
The offer represents a premium of 25 percent over its July 17 close, the last trading day before TransAlta disclosed its intention to make an offer. It will remain open until Aug. 27 at 6:00 p.m. MST unless withdrawn or extended.
Separately, TransAlta set a hearing date to halt trading of Canadian Hydro Developer shares. The hearing is scheduled for Aug. 24.
Share of TransAlta fell 57 cents, or 2.9 percent, to $19.25.
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