Alter NRG’s board has unanimously approved the takeover, which is priced at $5.00 a share and values the company at about $147-million. The price is a 160% premium to the company’s to the company’s 20-day volume-weighted average price.
Harvest is a Delaware corporation that is wholly owned by China’s Sunshine Kaidi New Energy Group.
Calgary-based Alter NRG is a leader in plasma gasification, a technology that converts various form of waste into synthesis gas, a fuel that is often used in internal combustion engines.
At press time, shares of NRG were up 140.9% to $4.65. The stock closed at $1.93 on Thursday.
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