Canadian Hydro receives multiple offers

Canadian Hydro Developers Inc. said it has received a “number of proposals” from other suitors as the company tries to get an offer that is better than the hostile takeover bid from TransAlta Corp.

Canadian Hydro said it received the proposals after TransAlta, Canada’s biggest investor-owned power producer, extended its C$4.55 per share offer for Canadian Hydro to Oct. 2. It’s the third time TransAlta has extended its offer for the renewable energy producer.

Canadian Hydro said it opened its books to potential bidders to get a better offer. Dennis Erker, chairman of Canadian Hydro, said there has been “interest from many parties” and that “TransAlta no longer has the leading proposal.”

Canadian Hydro said it will take “the necessary time” to thoroughly analyze each proposal.

On July 22, 2009, TransAlta offered Canadian Hydro C$654 million (US$611 million) for the company. (HydroWorld 7/23/09) Canadian Hydro executives said the offer was inadequate and urged shareholders to the reject the offer.

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