BAM - Why TerraForm Power Stock Is Soaring Today
Shares of TerraForm Power (NASDAQ: TERP) had rallied more than 10% by 10 a.m. EST on Monday. Powering the renewable energy company's shares was a merger proposal from Brookfield Renewable Partners (NYSE: BEP).
Brookfield Renewable has offered to acquire all the outstanding shares of TerraForm Power that it doesn't already own in an all-stock deal valued at $17.31 per share, which is an 11% premium from its closing price last Friday. The company and its affiliates already own 62% of TerraForm's outstanding shares. It initially acquired that stake when its parent, Brookfield Asset Management (NYSE: BAM), took control of TerraForm in late 2017. And it has since increased its position by assisting TerraForm in making two needle-moving acquisitions.
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