CAPITAL POWER INCOME L.P. $19.38 (Toronto symbol CPA.UN; Shares outstanding: 55.0 million; Market cap: $1.1 billion; TSINetwork Rating: Extra Risk; Dividend yield: 9.1%) has agreed to a $19.40-a-unit takeover offer from Atlantic Power (Toronto symbol ATP) The sale is the result of the strategic review process that Capital Power announced in August 2010.
Atlantic Power is offering Capital Power shareholders a combination of cash and shares pro-rated according to Atlantic’s share and cash maximums. Capital Power unitholders will likely get 52% in cash and 48% in Atlantic shares.
Atlantic Power owns interests in 12 power plants across nine U.S. states. These plants have a total generating capacity of 1,948 megawatts; Atlantic Power’s share is 871 megawatts. The company’s shares yield a high 7.2%.
We’re sorry to see Capital Power get taken over. The high-yielding trust was using its strong cash flow to expand and refurbish a number of its plants without taking on a lot of debt. Its long-term outlook was positive.
Capital…
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