TerraForm Power's bid for Saeta to run through June 1

TerraForm Power Inc’s (NASDAQ:TERP) takeover bid for Spanish renewables yieldco Saeta Yield SA (BME:SAY) will expire on June 1, 2018.

The May 3-June 1 acceptance period was announced by the Spanish Securities Market Commission on Thursday.

The US renewable power plants operator, which is controlled by Canada’s Brookfield Asset Management Inc (TSE:BAM.A), announced in February a plan to acquire and delist Saeta through a voluntary tender bid of USD 12.20 (EUR 10.2) per share in cash. The tender offer got clearance from CNMV last month.

Earlier this week, TerraForm Power’s CEO John Stinebaugh expressed confidence that the suitor will acquire the vast majority of Saeta’s shares by mid-summer.

(USD 1.0 = EUR 0.838)

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