SunEdison unit TerraForm Power adopts poison pill

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Published: July 25, 2016 4:52:53 PM

SunEdison Inc's unit TerraForm Power Inc said it had adopted a shareholders rights plan to prevent any sale of a significant number of Class A shares in the company by its bankrupt parent.

SunEdison , SunEdison News, SunEdison lates newsBrookfield Asset Management and Appaloosa said in a regulatory filing on Friday that they would jointly bid for SunEdison?s stake in TerraForm Power. (Reuters)

SunEdison Inc’s unit TerraForm Power Inc said it had adopted a shareholders rights plan to prevent any sale of a significant number of Class A shares in the company by its bankrupt parent. Brookfield Asset Management and Appaloosa said in a regulatory filing on Friday that they would jointly bid for SunEdison’s stake in TerraForm Power. Separately, SunEdison said on Monday it was working collaboratively with its two yieldcos to explore “value creation options” for the companies’ Class B shares held by SunEdison. The rights plan, popularly known as “poison pill”, will be triggered if a party takes 15 percent ownership of TerraForm Power.

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