Algonquin Power goes activist in pursuit of Gas Natural

|About: Algonquin Power & Utilities... (AQN)|By:, SA News Editor

Algonquin Power (OTCQB:AQUNF) is taking its case to Gas Natural (EGAS +1.2%) shareholders, calling on them to back its takeover proposals and possibly a change in the target's board.

Algonquin sent a letter to the EGAS board saying it "extended multiple proposals" to acquire the company, which refuses to discuss a potential deal, thus "preventing shareholders from receiving an immediate and compelling premium for their shares."

Algonquin urges EGAS shareholders to demand the board maximize shareholder value through a sale process and to withhold support for incumbent directors in advance of the July 30 annual shareholders meeting.