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Brookfield Asset Management Inc and
hedge fund Appaloosa plan to jointly bid for SunEdison's stake in
TerraForm Power, according to a regulatory filing on Friday.
(http://bit.ly/2a5w44D)
TerraForm Power shares rose 6.7 percent to $13.34 in light premarket
trading on Monday.
All Class B shares of TerraForm Power are owned by SunEdison, while
its Class A shares are held by the public, private investors and the
company's executives.
TerraForm Power had 80 million Class A shares and 60.4 million Class
B shares outstanding as of Oct. 31, 2015.
The rights plan is also aimed at fending off Brookfield Asset
Management's accumulation of its Class A shares, TerraForm Power
said in a statement on Monday.
Separately, SunEdison said it was working with TerraForm Power and
its other yieldco, TerraForm Global Inc <GLBL.O>, to explore "value
creation options" for their Class B shares it holds.
The rights plan, popularly known as "poison pill", will be triggered
if a party takes 15 percent ownership of TerraForm Power.
Brookfield Asset Management and Appaloosa own 12.13 percent and 9.54
percent of TerraForm Power's class A shares, respectively, according
to a filing.
(Reporting by Arathy S Nair and Amrutha Gayathri in Bengaluru;
Editing by Kirti Pandey)
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