Judge Clears Way for SunEdison's $1.9 Billion Vivint Deal
- Vivint holders approved buyout with over 100 million votes
- Judge raises doubts but rejects Appaloosa Management challenge
Panasonic Corp. solar panels stand at the company's Eco Solutions solar module plant in Ishiyama, Shiga Prefecture, Japan, on Thursday, July 23, 2015. Panasonic will start offering new solar panels with a 25-year warranty, longer than the warranties other Japanese panel makers currently offer.
Photographer: Buddhika Weerasinghe/BloombergBillionaire David Tepper can’t block a key part of SunEdison Inc.’s $1.9 billion buyout of residential solar-power provider Vivint Solar Inc., a Delaware judge ruled Thursday in rejecting the hedge fund manager’s claims the deal isn’t fair to some investors.
Officials of Tepper’s Appaloosa Management LP “couldn’t prove” the terms of the Vivint acquisition harm shareholders in TerraForm Power Inc., a separately traded unit SunEdison formed to own renewable energy power plants, Delaware Chancery Court Judge Andre Bouchard concluded. While the ruling removes a key challenge to the deal, Bouchard warned SunEdison that the company still faces “serious questions” about the overall fairness of the purchase.