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Algonquin Power & Utilities Corp.’s 2.6 MW Riviere-du-Loup hydroelectric generating facility near the town of Riviere-du-Loup, Quebec, 2010.
Algonquin Power & Utilities Corp.’s 2.6 MW Riviere-du-Loup hydroelectric generating facility near the town of Riviere-du-Loup, Quebec, 2010.
(Andre Kedl/Handout/Algonquin Power)

Algonquin Power appeals to U.S. gas company shareholders

Gas Natural Inc. shares have spiked 25 per cent over the past week, to a record high of $12.85 (U.S.) Wednesday, as Ontario-based Algonquin Power and Utilities Corp. continues to push to acquire the company.

Algonquin Power has made three bids to buy Gas Natural, in January, March, and May. The company slowly pushed its offer price up from $10 to $13, all of which were at a premium to Gas Natural’s share price. But the acquisition target has swiftly rejected the “unsolicited and inadequate” offers, adding that it’s not for sale.