TerraFormPower Inc. has adopted a stockholder protection rights plan to fendoff a potential hostile takeover of the company.
The move came in response to 's sale of a significant equitystake in TerraForm Power and the announcedaccumulation of TerraForm Power class A shares by
SunEdison owns 35% of the economic interest and 84% of thevoting interest in TerraForm Power. Brookfield Asset Management and AppaloosaManagement combined own 21.67% of TerraForm Power's class A common shares.
TerraForm Power's board "believes it is in the bestinterests of all TerraForm Power stockholders for acquisition proposals for allor a portion of the TerraForm Power equity interests to be able to emerge in anenvironment free of a blocking position accumulated by possible bidders,"TerraForm Power Chairman and interim CEO Peter Blackmore said in a statement.
The yieldco also declared a dividend of 1 right per class Acommon share to holders of record Aug. 4.
Separately, SunEdison said it is exploring possiblemonetization of its controlling class B stake in TerraForm Power and
SunEdison will undertake the initiative in collaborationwith its yieldcos, the renewable energy developer said in a July 25 statement.