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ISS, Glass Lewis recommend Crius Energy sale to Vistra Energy

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Essential Energy Insights - January 2021


ISS, Glass Lewis recommend Crius Energy sale to Vistra Energy

Independent proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co. recommended that Crius Energy Trust unit holders vote in favor of the energy retailer's proposed acquisition by Vistra Energy Corp.

"Given that the Trust went through a prolonged and extensive strategic review and sales process, which included a partial auction, it appears that the sale of the Trust may represent the best alternative for the Trust's current unitholders," Institutional Shareholder Services said in a March 20 statement.

Vistra agreed to purchase Crius Energy at C$8.80 per trust unit, or about US$378 million, plus the assumption of Crius Energy's US$108 million in net debt.

"The proposed transaction makes sense as current unitholders get to exit their investment at a significant premium. Furthermore, the cash consideration provides certainty of value," Institutional Shareholder Services added.

Crius Energy will hold a special meeting of its unit holders at 8:30 a.m. Toronto time on March 28 to vote on the transaction.