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Rubber and Wood April 07, 2021 09:00:01 PM

Supreme Court Awards Final Approval to Pinnacle Renewable Energy Acquisition

Paul Ploumis
ScrapMonster Author
The company press release noted that all the conditions to the completion of the arrangement have now been satisfied or waived.

Supreme Court Awards Final Approval to Pinnacle Renewable Energy Acquisition

SEATTLE (Scrap Monster): Pinnacle Renewable Energy Inc. declared that it received a final order from the Supreme Court of British Columbia, Canada in approval of the plan of arrangement under the Business Corporations Act towards acquisition of its assets by British Drax Group.

It must be noted that Drax Canadian Holdings Inc.- a subsidiary of Drax Group plc had reached an agreement to purchase all issued and outstanding common shares of the pellet maker for a sum of $652 million.

The company press release noted that all the conditions to the completion of the arrangement have now been satisfied or waived. This is excluding those conditions that cannot be satisfied or waived until the effective date of the arrangement. The company shareholders have already entered into voting support agreements in favour of the deal. The completion of the arrangement is scheduled to happen by 13th April, 2021.

ALSO READ: Pinnacle Entered Into Wood Pellet Supply Contract with Mitsibhishi

The combination of Pinnacle and Drax is expected to create a global leader in sustainable biomass. Pinnacle Renewable Energy stated that the transaction represents the best course of action for the company and its shareholders. The deal is expected to deliver immediate, significant and certain cash value to its shareholders.

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