|
Article Excerpt
Proposal would provide a 21 percent premium to TransAlta shareholders as of the close of markets on Friday July 18, 2008
TransAlta headquarters and corporate infrastructure would remain in Alberta
Support of TransAlta Board of Directors and management sought for transaction
NEW YORK CITY, July 21 /PRNewswire/ -- LS Power Equity Partners (LS Power) and Global Infrastructure Partners (GIP) today announced that they have jointly made a proposal (see letter attached) to TransAlta Corporation (TSX:TA, NYSE:TAC) to acquire all outstanding TransAlta common stock for a price per share of C$39 in an all-cash transaction. The proposal represents a 21 percent premium above the closing price of TransAlta common stock on July 18, 2008 and a premium to the stock's 52-week (and all time) high.
"We have a great deal of respect for TransAlta, its employees, its Board of Directors, its management team led by Steve Snyder, and its heritage. Furthermore, we have confidence in the underlying value proposition that TransAlta's business provides," said James Bartlett, President of LS Power Equity Advisors, LLC, speaking on behalf of LS Power and GIP. "To that end, we believe that our proposal for TransAlta provides shareholders with compelling value. It also provides continuity for the company's customers, employees, management and communities where it operates."
LS Power and its affiliates are shareholders of TransAlta and currently hold approximately nine (9) percent of TransAlta's common stock. This proposal is being made public pursuant to US securities regulations.
Compelling proposal
The proposed transaction offers TransAlta shareholders compelling value. This fact, coupled with the commitment to maintaining TransAlta's well-deserved status as a corporate leader in the Albertan and Canadian business communities, makes this an attractive proposal for all stakeholders. TransAlta would continue on a business-as-usual basis, headquartered in Calgary.
LS Power and GIP are committed to working closely with TransAlta's Board of Directors and...
|
|
More articles from PR Newswire
LivingSocial.com Closes $5 Million in Series A Funding, Led by Grotech..., July 21, 2008
NetSuite Announces Timing of Second Quarter 2008 Financial Results Con..., July 21, 2008
UTStarcom Debuts First IPTV-Based Video Advertising Network in China., July 21, 2008
Silicon Graphics Reaffirms Fourth Quarter Fiscal 2008 Guidance., July 21, 2008
Revelation Software Concepts Extends Automated Change Control Safety t..., July 21, 2008
Looking for additional articles?
Search our database of over 3 million articles.
Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication
name or publication date.
About Goliath
Whether you're looking for sales prospects, competitive information, company
analysis or best practices in managing your organization,
Goliath can help you meet your business needs.
Our extensive business information databases empower business
professionals with both the breadth and depth of credible,
authoritative information they need to support their business
goals. Whether it be strategic planning, sales prospecting,
company research or defining management best practices -
Goliath is your leading source for accurate information.
|
|
