SunEdison's TerraForm Power adopts poison pillStaff Writer | July 25, 2016
SunEdison's unit TerraForm Power adopted a shareholders rights plan to prevent any sale of a significant number of Class A shares in the company.
No takeover If a party takes 15 percent ownership...
All Class B shares of TerraForm Power are owned by SunEdison, while its Class A shares are held by the public, private investors and the company's executives.
TerraForm Power had 80 million Class A shares and 60.4 million Class B shares outstanding as of Oct. 31, 2015.
The rights plan is also aimed at fending off Brookfield Asset Management's accumulation of its Class A shares, TerraForm Power said. The rights plan will be triggered if a party takes 15 percent ownership of TerraForm Power.
Brookfield Asset Management and Appaloosa own 12.13 percent and 9.54 percent of TerraForm Power's class A shares, respectively. ■