Algonquin Power & Utilities Enters Into Cooperation Agreement With Starboard; Adds Brett Carter And Christopher Lopez To Board
Portfolio Pulse from Benzinga Newsdesk
Algonquin Power & Utilities Corp. (AQN) has reached a cooperation agreement with Starboard Value LP, leading to the addition of Brett Carter and Christopher Lopez to its Board. Masheed Saidi and Kenneth Moore are set to leave the Board. Starboard, owning about 9% of AQN's shares, has agreed to support AQN's board nominees and withdrawn its own nominations. The parties have also signed a non-disclosure agreement to discuss the potential sale of AQN's renewable energy business and the CEO search process.
April 18, 2024 | 9:23 pm
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Algonquin Power & Utilities Corp. enters a cooperation agreement with Starboard, leading to board changes and discussions on selling its renewable energy business.
The cooperation agreement with Starboard, a significant shareholder, and the potential sale of the renewable energy business could signal strategic shifts that might be viewed positively by the market. The addition of new board members and the departure of others could also be seen as a move towards strengthening governance and strategic direction, potentially boosting investor confidence.
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