Ascendant shareholders to vote on takeover
Shareholders of Ascendant Group Ltd are to vote today on whether to accept a takeover bid by a Canadian utilities group.
Algonquin Power and Utilities Corp has offered $365 million for the shares in Ascendant Group. The group includes electricity supplier Belco, AirCare Ltd, iEPC Limited, IFM Limited and Ascendant Properties Ltd.
Shareholders would receive $36 per share under the proposed deal, a premium of 20 per cent over yesterday’s closing share price of $30 per share. Ascendant shares traded at $22 on June 3, the day that the deal was announced.
Ascendant’s board of directors has voted unanimously in favour of accepting the bid.
In a letter sent to shareholders, board chairman Peter Durhager encouraged shareholders to approve the transaction. A two-thirds vote is needed for approval.
Should shareholders approve the deal this morning, the bid by Algonquin would require regulatory approval before going ahead.
Scores of work permits denied since pandemic
1st Earl of the silver screen
Tropical Depression 5 approaches island
Luxury Riddell’s Bay development backed
Bermuda free of Covid-19 infections
House: MPs speak out on health merger
No need to quarantine when travelling to UK
Take Our Poll