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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of TerraForm Power, Inc. (“TerraForm” or the “Company”) (NASDAQ: TERP) to Brookfield Renewable Partners L.P. (“Brookfield Renewable”) (NYSE: BEP). Under the terms of the proposed sale, each share of Class A common stock of TerraForm would be acquired for consideration of 0.36 of a Class A share of Brookfield Renewable’s subsidiary, Brookfield Renewable Corporation (“BEPC”). The deal proposal further states that BEPC’s Class A shares will be fully exchangeable, on a one-for-one basis, into units of Brookfield Renewable.
The TerraForm merger investigation concerns whether the Board of TerraForm breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction and whether Brookfield Renewable is underpaying for TerraForm shares, thus unlawfully harming TerraForm shareholders.
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