Clinton Group to call on Atlantic Power to explore sale again

Thu Oct 16, 2014 3:51pm EDT
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Oct 16 (Reuters) - New York-based activist investor Clinton Group Inc is preparing to call on Atlantic Power Corp on Thursday to restart a sale process it abandoned last month, according to a draft letter to the company's board of directors seen by Reuters.

Clinton Group is confident that bids for Atlantic Power came in at least at $4 per share, the fund manager's senior managing director Joseph De Perio writes in the letter.

"With an unaffected price of $3 per share, such bids after a competitive process should have been attractive," De Perio writes.

Clinton is open to working with Atlantic Power in a constructive manner and believes many other shareholders are of like mind, De Perio writes. He adds that Clinton Group has a "meaningful" stake in Atlantic Power.

A representative for Boston-based Atlantic Power did not immediately respond to a request for comment. The company owns and operates a diverse fleet of power generation assets in the United States and Canada and has a market value of more than $300 million. (Reporting by Mike Stone in New York; Editing by James Dalgleish)