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Jul. 23, 2014, 2:19 PM
- 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.
Jul. 21, 2014, 11:45 AM
- Gas Natural (EGAS +2.4%) says it rejected three "unsolicited and inadequate" proposals made by Algonquin Power & Utilities (OTCQB:AQUNF) during 2014 to acquire all outstanding shares for $10, $12 and finally for $13.
- Shares had spiked into the close Friday after a WSJ report broke the offers and are continuing higher in today's trade.
Jul. 18, 2014, 4:37 PM
- Gas Natural (EGAS +6.7%) spiked into the close and is +4% AH after WSJ reports Algonquin Power & Utilities (OTCQB:AQUNF) has approached the natural gas distributor about a takeover three times this year.
- Algonquin sent letters to EGAS's board on Jan. 3, March 5 and May 15 outlining possible takeovers at respective prices of $10, $12 and $13 per share, according to the report.
- Algonquin acquired a ~4.9% stake in EGAS in April.