Water Island urges Pattern Energy to reject CPPIB takeover bid: Reuters

Water Island Capital LLC urged Pattern Energy Group Inc shareholders to reject a C$2.63 billion buyout offer from the Canada Pension Plan Investment Board, calling it undervalued, reported Reuters.

Water Island Capital LLC urged Pattern Energy Group Inc shareholders to reject a C$2.63 billion buyout offer from the Canada Pension Plan Investment Board, calling it undervalued, reported Reuters. In November 2019 when the initial deal was announced, CPPIB said it agreed to buy Pattern Energy, an independent power company, in a take-private transaction for US$26.75 per share or about US$6.1 billion.

Source: Reuters