Shares of Spark Power Group (Spark Power Group Stock Quote, Chart, News, Analysts, Financials TSX:SPG) are leading the TSX on Monday morning after the company announced it had agreed to be acquired.
In a Sunday press release, SPG said it had entered into an agreement to be acquired by Generator-Spark Canada Buyer Inc., an affiliate of American Pacific Group for $140-million, or 82.5 cents per share. The arrangement, the company said, was unanimously recommended by its board.
The figure is a 68 per cent premium to the October 13 closing price.
“With the assistance of our independent financial and legal advisers, we have conducted a thorough assessment of APG’s proposal and alternatives available to the company to maximize shareholder value,” said Joseph Quarin, chair of the company’s special committee. “Following this comprehensive evaluation and extensive negotiations with APG, we are pleased to have reached an agreement with respect to a transaction that provides immediate and fair value to the company’s shareholders.”
Spark Power reported its Q2, 2023 results on August 10, losing $1.82-million on revenue of $66.2-million, a topline that was down 6.3 per cent over the same period last year.
Oakville-based Spark Power Group offers technical services and maintenance to renewable energy companies.
At press time, shares of Spark Power Group were up 61.2 per cent to $0.79.
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