Renewable energy producer Canadian Hydro Developers Inc. KHD-T says it has received “multiple proposals” for a restructuring of the company, and that TransAlta Corp.'s TA-T $4.55 hostile takeover bid is no longer the only one on the table.
After opening a data room for several weeks and soliciting a white knight, the company has now received a number of offers and is in the process of evaluating them, the company said in a release Tuesday morning.
“TransAlta no longer has the leading proposal,” Canadian Hydro Dennis Erker said in a statement. “Our attention now turns to careful evaluation of the various proposals. We intend to take the necessary time, working with our independent advisers, to perform a thorough analysis.”
TransAlta made its bid on July 22 and has extended it several times. On Monday it made the latest extension, pushing its deadline to Oct. 2.
Canadian Hydro has repeatedly said the $4.55 offer is inadequate and “opportunistic” given the great potential for the renewable power sector.
Calgary-based Canadian Hydro has a portfolio of wind farms, hydroelectric and biomass generating stations in several provinces. TransAlta also has several wind farms, but it wants to expand its renewable portfolio to help offset emissions from its large coal-fired power plants.
