Canada's Algonquin Power attracts activist investor Starboard
BNN Bloomberg
Algonquin Power & Utilities Corp. has attracted Starboard Value LP after another activist investor publicly called for an asset sale on Monday, according to people with knowledge of the matter.
Starboard has held amicable discussions with the Canadian utility for weeks, one of the people said, asking not to be identified discussing private information. The size of Starboard’s stake and the changes it is seeking from the company couldn’t be immediately learned.
A spokesperson for Algonquin declined to comment. Starboard didn’t immediately respond to requests for comment.
Algonquin announced on Monday that it was terminating a US$1.5 billion deal to buy Kentucky utilities from American Electric Power Co. after US regulators rejected the transaction.
