International Power OKs GDF Suez's New $11B Takeover Bid

Law360, New York (April 16, 2012, 1:54 PM EDT) -- An independent board of Britain's International Power PLC has accepted a new £6.84 billion ($10.8 billion) takeover bid from French energy company GDF Suez SA for a 30 percent stake that majority shareholder GDF does not already own, the companies said Monday.

International Power's board of directors have approved the 418 pence per-share offer, which was revised after the board rejected a March bid of 390 pence per share for purportedly undervaluing the power company. The buyout, which is being made via GDF unit Electrabel SA,...
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