Shareholders of the company that owns Bermuda's sole electricity provider have overwhelmingly backed a multi-million dollar takeover bid by a Canadian utilties group, but the deal will require regulatory approval before going ahead.
Shareholders in the Ascendant Group - whose portfolio includes the Bermuda Electricity Company - were promised they would receive US$36 per share under the proposed deal, a premium of 20 per cent over Thursday's closing share price of US$30 per share. Ascendant shares traded at US$22 on June 3, the day that the deal was announced.
Ascendant's board of directors had voted unanimously in favour of accepting the bid from the Algonquin Power and Utilities Corp, which was approved by shareholders on Friday.
In a letter sent to shareholders, board chairman Peter Durhager had encouraged shareholders to approve the transaction. A two-thirds vote was needed for approval.
On Friday, shareholders of Ascendant Group gave overwhelming...