While news of an amended acquisition deal between SunEdison’s yield co TerraForm Power and Vivint Solar appeared to give SunEdison a hefty boost in the stock market, hedge fund Appaloosa Management is now raising a number of questions about the new agreement.
Appaloosa, which owns a 9.5% stake in TerraForm, filed a request to review the yield co’s books and records, focusing on all transaction documents, minutes of meetings and letters of intent revolving around the Vivint Solar acquisition.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
Stock in SunEdison tailed off significantly on Tuesday, dropping from US$6.36 at 9:35AM (EST) to US$4.65 at 10:55AM.
SunEdison’s reshuffled deal with Vivint appeared to benefit a number of parties, as TerraForm saved over US$120 million while SunEdison boosted its stock option by US$0.75/share, but it appears that Appaloosa is set to perform its due diligence on the transaction.