Alter NRG Corp. Agrees to be Acquired by Harvest International New Energy, Inc.
CALGARY, March 27, 2015 - Alter NRG Corp. ("Alter NRG" or the "Company") (TSX:NRG.TO) and Harvest International New Energy, Inc. ("Harvest") announced today that they have entered into a Support Agreement under which Harvest has agreed to offer to acquire, through its wholly-owned subsidiary, 1030629 B.C. Ltd. (the "Offeror"), all of the issued and outstanding common shares of the Company (the "Common Shares") by the Offeror (including any Common Shares issuable upon the exercise of outstanding option to acquire Common Shares) for C$5.00 in cash per Common Share (the "Offer") by way of a Board-approved take-over bid. The total equity purchase price is approximately C$147 million.
The Offer consideration represents a 160% premium to the Company's 20-day volume weighted average price on the Toronto Stock Exchange ("TSX") for the period ending March 26, 2015 and a 159% premium to the Company's closing price on the TSX on March 26, 2015.
- Published: 27 March 2015
- Written by Editor