MONTREAL, June 9 /PRNewswire-FirstCall/ - Boralex Inc. (" Boralex " or the " Corporation ") has received regulatory clearance from the Commissioner of Competition who has issued an advance ruling certificate pursuant to the Competition Act in respect of the acquisition of Boralex Power Income Fund (the "Fund") by 7503679 Canada Inc., a wholly owned subsidiary of Boralex (the "Acquisition").
Also, the Pre-merger Notification Office of the US Federal Trade Commission (the "FTC") has notified the Corporation's legal advisors that the FTC grants the Boralex's request for early termination of the Hart-Scott-Rodino Act's thirty day pre-merger waiting period with respect to the Acquisition.
As a result of the foregoing, all material conditions to the Acquisition have been satisfied, except for the completion of the offer period on June 28, 2010, and the tendering of a sufficient number of units to satisfy the required threshold prior to such time.
Boralex confirms that the mailing of the offer and take-over bid circular (the "Offering Documents") to the holders of units of the Fund was initiated on May 19, 2010 and that beneficial holders of units of the Fund should now have received the Offering Documents in the mail. Unitholders who have not yet received the Offering Documents should contact their brokers or may contact the information agent, Georgeson Shareholder Communications Canada Inc., at 1-866-656-4101. Holders of units can deposit their units in accordance with the procedures described in the Offering Documents until 7:00 p.m. (ET) on June 28, 2010.
Boralex is a major independent power producer whose core business is the development and operation of power stations that generate renewable energy. Employing over 300 people, the Corporation operates 28 power stations with a total installed capacity of 410 megawatts ("MW") in Canada, in the Northeastern United States and in France. In addition, the Corporation has, alone or with its European and Canadian partners, power projects under development that will add close to 300 MW of power, of which almost 100 MW will come online by the end of fiscal 2010. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments - wind, hydroelectric and thermal. Boralex also holds a 23% interest in Boralex Power Income Fund, which has 10 power stations with a total installed capacity of 190 MW in Québec and the United States. These sites are managed by Boralex. Boralex shares are listed on the Toronto Stock Exchange (TSX) under the ticker symbol BLX. More information is available at www.boralex.com or www.sedar.com.
SOURCE BORALEX INC.