- Atlantic Power declined nearly 10% after responding to the Clinton Group letter.
- Shares of the company had spiked 25% higher after the initial Reuters report.
- In the letter, the Clinton Group expressed confidence that bids for the company from its strategic review came in for as much as $4 per share.
- However, this appears to not be the case, with Atlantic Power stating that no offers came in above $3.04 per share.
- I believe Atlantic Power’s stock has 13% downside to $2.00 per share.