Hedge Fund Sues Pattern Energy Over $6.1B Go-Private Deal

Law360 (February 25, 2020, 8:05 PM EST) -- Pattern Energy's planned $6.1 billion sale to the Canada Pension Plan Investment Board is fraught with conflict and undervalues the company, a hedge fund said in a proposed class action filed Tuesday in Delaware federal court.

Hedge fund Water Island Capital LLC claims that the California-based clean energy company’s board of directors and some of its executives agreed to a deal that features multiple conflicts of interest and contains false and misleading statements that make it impossible for shareholders to have an informed vote.

Under the terms of the transaction, announced in November, CPPIB would acquire Pattern Energy for $26.75 per share...

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