Two press releases below should explain why.
Numero Uno:
Jul 20, 2009 07:01 ET - TransAlta proposes an all-cash offer to acquire Canadian Hydro Developers, Inc. for $4.55 per share
Numero Dos:
July 20, 2009
Canadian Hydro Comments on TransAlta's Announcement of Intention to Make an Unsolicited Offer and Advises Its Shareholders Not to Take Any Action Until Further Notice
CALGARY, ALBERTA--(Marketwire - July 20, 2009) - Canadian Hydro Developers, Inc. (Canadian Hydro or the Company) (TSX:KHD) confirms that it is aware of the announcement by TransAlta Corporation (TransAlta) that TransAlta intends to make an unsolicited offer at $4.55 per share. Canadian Hydro advises shareholders not to take any action until further notice.
"Consistent with its fiduciary duties, the Board of Directors of Canadian Hydro has formed a Special Committee of independent directors," said Kent Brown, Chief Executive Officer. "In consultation with its independent financial and legal advisors, the Special Committee will carefully review and evaluate the formal take-over offer when it is made by TransAlta, and will recommend to the Board the course of action that is in the best interests of Canadian Hydro and its shareholders."
Canadian Hydro advises shareholders not to take any action concerning the proposal until shareholders have received further communications from the Board of Directors. After the commencement of the offer by TransAlta, as required by applicable securities laws, the Board will issue a Directors' Circular. The Circular will contain important information for shareholders, including the Board's recommendation regarding the offer for the action it believes is in the best interest of shareholders. The Directors' Circular will also be filed on SEDAR and with Canadian securities regulators.
Canadian Hydro has retained FirstEnergy Capital Corp. and Societe Generale as financial advisors to provide financial advice in connection with the offer. Blake, Cassels & Graydon LLP are Canadian counsel to Canadian Hydro. Laurel Hill Advisory Group has been retained as information agent.
About Canadian Hydro
"Recognized as one of Jantzi/Maclean's Top 50 Responsible Corporations in Canada"
Canadian Hydro is committed to Building a Sustainable Future(R). The Company is the largest and most diversified developer, owner, and operator of 21 renewable energy generation facilities in Canada totaling net 694 MW of capacity in operation, 185 MW in and nearing construction, and 1,624 MW in development. The renewable generation portfolio is diversified across three technologies (water, wind, and biomass) in the provinces of Alberta, British Columbia, Ontario, and Quebec. This portfolio is unique in Canada as all facilities are certified, or slated for certification, under Environment Canada's EcoLogo(M) Program.
Questions may also be directed to the information agent: Laurel Hill Advisory Group
NORTH AMERICAN TOLL-FREE
1-888-534-1152
Common shares outstanding: 143,661,223
Internet: http://www.canhydro.com/
Advisory Respecting Forward-Looking Statements:This news release contains certain forward-looking information and statements within the meaning of applicable securities laws.The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. The forward looking information or statements in this news release relate to, but are not limited to, statements with respect to the results of any evaluation of the take-over proposal by TransAlta and any course of action Canadian Hydro may undertake in response to the take-over proposal by TransAlta. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revised them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
CONTACT INFORMATION:
Canadian Hydro Developers, Inc.
Investor RelationsKathy Boutin, Chief Financial Officer
(403) 298-0256
Email: KBoutin@canhydro.com
or
Canadian Hydro Developers, Inc.
Media Relations
Darryl Warren, Manager, Marketing & Communications
(403) 806-8143
Email: DWarren@canhydro.com
Website: http://www.canhydro.com/
INDUSTRY: Energy and Utilities - Utilities, Energy and Utilities - Pipelines
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