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TerraForm Power shareholders oversubscribe stock option in Brookfield deal

TerraForm Power Inc. shareholders oversubscribed the stock option as a consideration regarding the company's pending merger deal with certain affiliates of Brookfield Asset Management Inc., according to preliminary results of the elections.

As a result, stockholders who opted for the cash option and stockholders who did not make an election prior to the election deadline of Oct. 12 at 5 p.m. will receive the cash consideration of $9.52 per share. Meanwhile, the stockholders who selected the stock option will retain a portion of their shares following the closing of the merger and will receive the cash consideration of $9.52 for the remaining portion of their shares.

The transaction is scheduled to close after the close of business Oct. 16, according to an Oct. 13 release.

Immediately prior to the effective time of the merger, the company will pay a special dividend of $1.94 per class A share. The ex-dividend date for the special dividend will be Oct. 17.