TrustPower in demand

Alliant says it want to purchase up to 41.5 million ordinary shares and/or up to 14.975 million convertible notes representing up to 20.93% of the total equity securities of the Bay of Plenty-based electricity business.

Alliant International NZ is a subsidiary company of Wisconsin-based Alliant Energy which together with utilities investor Infratil (NZSE: IFT) owns a major share of Trustpower.

The price range has been set at between $3.20 and $3.60 per equity security.

Infratil is also obliged to give its own restricted transfer notice because of an investment agreement with Alliant which gives it the option to acquire 60% or share of the shares that Alliant purchases.

TrustPower shares closed today up 32 cents at $3.37.

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