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In a recent development, sustainable energy company Avangrid (NYSE: NYSE:) has announced that an unaffiliated committee of its board of directors has received a non-binding takeover offer from majority shareholder SA Iberdrola (OTC:). Announced. On March 6, 2024, Iberdrola or its affiliates have indicated that they will purchase all Avangrid shares not already owned by them at a price of $34.25 per share in cash. Iberdrola currently owns approximately 81.6% of Avangrid's outstanding common stock.
Following receipt of the proposal, Avangrid's board of directors convened on the same day and authorized an unaffiliated committee to thoroughly review and evaluate the proposal. The committee is tasked with negotiating and potentially approving proposals. These are supported by independent legal and financial advisors. The committee will also consider any alternatives or strategic options that may be presented to the company.
Completion of the proposed transaction is subject to the approval of both an unaffiliated committee and a majority of Avangrid's stockholders, excluding shares held by Iberdrola and its affiliates.
At this time, Avangrid has not made any decisions regarding the Iberdrola offer or any other potential alternatives. The Board emphasized that the proposal was non-binding and could be withdrawn at any time. Additionally, there can be no certainty as to whether the final offer will be extended, whether any agreements will be reached, or whether this proposed transaction (or any transaction) will be ultimately approved or completed.
Investors and interested parties are advised to wait for further announcements for the latest information on this matter. The information presented is based on facts contained in press release statements and SEC filings.
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