Pinnacle Renewable Energy, which has a location in Williams Lake, has been purchased by Drax Group.
Drax will acquire all of the issued and outstanding common shares of Pinnacle in an all-cash transaction valued at $831 million CAD, including the assumption of net debt and Pinnacle’s non-controlling interests in its joint ventures.
Pinnacle shareholders are entitled to receive $11.30 CAD, per share in cash, representing a premium of approximately 13% to the closing price and 15% to the 20-day volume-weighted average price of Pinnacle shares on the Toronto Stock Exchange (TSX) on February 5th, 2021, and approximately 33% of the closing price of Pinnacle shares on the TSX on December 4th, 2020, the day before Pinnacle and Drax entered into an exclusivity agreement.