Seneca Capital and other Investors push TransAlt to merge
| July 23rd, 2008 | ||
| Many of TransAlta's, a company that operates coal-and gas-fired power plants as well as renewable energy facilities in Canada and the United States, investors believe that the share price is not an accurate reflection of the value of the company.
Seneca Capital, which owns 3 percent of TransAlta's shares, is pushing for TransAlta to weigh a sale process along with taking on a strategic partner or restructuring its long-term electricity contracts. There are already some bidders; LS Power Equity Partners and Global Infrastructure Partners offered to buy TransAlta for C$39 a share. At the beginning of this year, Luminus Management LLC, which is affiliated with LS Power, started a campaign to get TransAlta to load up on billions of dollars of debt and sell assets to fund major stock buybacks as a way to boost the share price. It proposed stacking the board with its own nominees. | ||
For Detailed Investor Profiles on these Investors, click below: |
Seneca Capital |
Related People: Douglas Hirsch;
Related Entities: PAGS Investing LLC ;
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles; Investment Management and Hedge Fund Firm Mergers, Acquisitions, Spin-offs and Transactions; Hedge Fund Launches and Hedge Fund Closings
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