TransAlta Corporation has announced that it intends to make an all-cash offer, through an acquisition entity, to acquire Calgary-based Canadian Hydro Developers at a price of CAN$ 4.55 per share.
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TransAlta's offer represents a premium of approximately 30 per cent to the volume weighted average trading price of Canadian Hydro Developers common shares on the TSX for the past 10 trading days and approximately 25 per cent to the closing price of Canadian Hydro Developers common shares on the TSX on July 17, 2009. The proposed transaction has an enterprise value of approximately CAN$ 1.5 billion.