Atlantic Power Corp. (AT, ATP.TO) said its board reaffirmed that, at the present time, the interests of the Company and its stakeholders are best served by continuing to operate as an independent company and executing the Company's business plan, including the objectives of enhancing the value of its existing assets through optimization investments and commercial activities, delivering its balance sheet to improve both its cost of capital and ability to compete for new investments, and utilizing the Company's core competencies to create proprietary investment opportunities.
In addition, the company will continue to assess other potential options, including asset sales or the contribution of assets to a joint venture in order to raise additional capital for growth and/or debt reduction.
In light of the letter and enquiries from investors, the company clarified that it did not receive any offers that the Company's Board of Directors believed could be consummated at or above the closing share price of $3.04 on May 1, 2014, being the day prior to press rumors concerning a possible sale or merger of the Company.
Atlantic Power previously disclosed on September 16, 2014 that the Company's Board of Directors conducted a thorough review of the options available to the Company with respect to a possible sale or merger and concluded that a sale or merger of the Company was not in the best interests of the Company or its stakeholders at that time.
On October 16, 2014, Clinton Group Inc. delivered a letter to the Company's Board of Directors urging the Company to reinstate the strategic review process based upon Clinton Group's belief that the strategic review process (which concluded in September, as noted above) yielded offers for the Company at or above $4.00 per share and a transaction may still be consummated at a price above $4.00 per share. Clinton Group's speculation about the Company's sale or merger process is not consistent with the actual results of that process.
On October 17, 2014 the Company spoke with representatives of Clinton Group. In order to dispel Clinton Group's misconceptions about the results of the sale or merger process, the Company offered to share certain information from the sale process, provided that Clinton Group agreed to be bound by confidentiality obligations with respect to such information. Clinton Group declined the Company's request to be bound by confidentiality obligations.
For comments and feedback contact: editorial@rttnews.com
Business News