Canadian Hydro Agrees To $1.6B TransAlta Takeover

Law360, New York (October 6, 2009, 6:32 PM EDT) -- Renewable energy producer Canadian Hydro Developers Inc. has agreed to a $1.6 billion takeover bid by TransAlta Corp. after months of urging shareholders to reject the utility company's earlier overtures.

The two companies announced Monday that they had entered into a definitive preacquisition agreement under which TransAlta will acquire all the issued and outstanding common shares of Canadian Hydro for $5.25 per share in cash.

The deal is an improvement over TransAlta's earlier $4.55 per share offer, which Canadian Hydro had rejected as inadequate, calling the...
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