Borden Ladner Reps Magma In $195M Plutonic Deal

Law360, New York (March 7, 2011, 8:07 PM EST) -- Canada's Magma Energy Corp. is buying clean energy company Plutonic Power Corp. in an all-stock transaction worth roughly CA$190 million ($195 million), the companies said Monday.

Under the agreement, each Plutonic shareholder will receive 2.38 shares of Magma for each Plutonic share, a 32 percent premium over Plutonic's 20-day weighted average share price on the Toronto Stock Exchange, the companies said.

Magma will change its name to Alterra Power Corp. as part of the deal, becoming a renewable power producer with a market capitalization of about...
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