Boralex Inc. has extended its offer to purchase all of the issued and outstanding trust units of Boralex Power Income Fund on Sept. 10.
Computershare Investor Services Inc., in its capacity as depositary under the offer, has advised Boralex that, as of 7 p.m. on Aug. 16, 58% of the units – together with the units held by Boralex – are in favor of the offer. As such, the minimum tender condition of at least 66 2/3% of the units would not have been satisfied.
Following a motion made by O'Leary Funds Management, Boralex has received a favorable decision made by the Bureau de decision et de revision (BdR). O'Leary had petitioned the BdR to take action on an urgent basis in order to restrain Boralex from taking up the units of the fund that were tendered under the takeover bid by Boralex for all of the units.
SOURCE: Boralex Inc.