TerraForm Power, Inc. (NASDAQ:TERP) Investor Alert: Investigation of Takeover
An investigation on behalf of investors of TerraForm Power, Inc. (NASDAQ:TERP) in connection with the proposed takeover was announced and NASDAQ:TERP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/03/2020 -- An investigation was announced concerning whether the takeover of TerraForm Power, Inc. is unfair to stockholders.
Investors who purchased shares of TerraForm Power, Inc. () and currently hold any of those shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of TerraForm Power, Inc. breached their fiduciary duties owed to investors in connection with the proposed acquisition.
New York based TerraForm Power, Inc., together with its subsidiaries, acquires, owns, and operates solar and wind power generation assets. On March 16, 2020, Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) and TerraForm Power, Inc. () announced that they have entered into a merger agreement for Brookfield Renewable to acquire all of the outstanding shares of Class A common stock of TerraForm Power, other than the approximately 62% currently owned by Brookfield Renewable and its affiliates.
Each share of Class A common stock of TerraForm Power will be acquired for consideration equivalent to 0.381 of a Brookfield Renewable unit. Based on a closing price of $42.42 per share on March 13, 2020, investors in shares will received a value of approximately $16.16 per share.
However, given that at least one analyst has set a high target price for at $22.00 per share and that shares reached after the takeover announcement in the open market to as high as $21.98 per share on July 20, 2020 , the investigation concerns whether the offer is unfair to stockholders. More specifically, the investigation concerns whether the TerraForm Power Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
TerraForm Power, Inc. reported that its annual Total Revenue rose from $766.57 million in 2018 to $941.24 million in 2019.
Shares of TerraForm Power, Inc. () closed on July 24, 2020, at $20.24 per share.
Those who are current investors in TerraForm Power, Inc. () shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.