Utility stocks were generally higher in afternoon trading. The
S&P/TSX Utilities index was up 0.3%.
Algonquin Power (AQN.TO): -0.4%
TransAlta (TA.TO): +0.2%
ATCO (ACO-X.TO): +0.1%
Fortis (FTS.TO): +0.2%
Emera (EMA.TO): +0.4%
In corporate news, Algonquin Power & Utilities Wednesday
said it has sent a letter to the Gas Natural Inc. (
) board of directors emphasizing that it has "extended multiple
proposals" to acquire Gas Natural only to be told the company is
"not for sale." The most recent bid was US$13 a share while AQN
already owns about 4.9% of its target. Gas Natural "refuses" to
discuss a proposed deal, it added. A statement reads: "Through its
self-preserving pursuit of an undefined and uncertain standalone
plan, Gas Natural's board is preventing shareholders from receiving
an immediate and compelling premium for their shares."
Algonquin urged Gas Natural shareholders to demand that the
Board maximize shareholder value through a sale process. It also
encouraged other shareholders to withhold support for incumbent
directors and what it called "value destructive resolutions" in
advance of the July 30, 2014, annual shareholders' meeting.
Meanwhile, TransAlta Tuesday after hours reported that its board
of directors declared a quarterly dividend of C$0.18 per share on
common shares payable on October 1 to shareholders of record at the
close of business August 29.
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