After a failed attempt at a friendly deal, TransAlta Corp. (TSX:TA) says it is taking its $654 million all-cash takeover offer for Canadian Hydro Developers (TSX:KHD) directly to the renewable power producer’s shareholders.
With 143.7 million shares outstanding, the $4.55 per share bid announced Monday values Canadian Hydro’s stock at $654 million.
However, TransAlta said including debt and other financial measures, the enterprise value of the bid is $1.5 billion.