Wind farm in New Jersey, US. Author: nosha. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
Institutional Shareholders Services Inc (ISS) has become the second proxy advisory firm to recommend that the stockholders of TerraForm Power Inc (NASDAQ:TERP) vote in favour of the proposed buyout by Brookfield Renewable Partners LP (NYSE:BEP).
ISS has shared its recommendation in a report dated July 14, a day after Glass, Lewis & Co did the same.
The shareholders will get the chance to cast their votes at the annual meeting scheduled for July 29, 2020, which will be held virtually via webcast. Stockholders as of the close of business on June 26 will be able to do so.
Under the terms of the deal announced in mid-March, TERP holders will receive either 0.381 of a unit of Brookfield Renewable (BEP) or 0.381 of a share of Brookfield Renewable Corporation (BEPC), a Canadian subsidiary of Brookfield Renewable that will be publicly traded, for every share they own.
The transaction, if approved by shareholders and regulators, is seen to close in the third quarter of 2020.