Tepper Considers Options on TerraForm After SunEdison Decisionby
Tepper's Appaloosa Management sought to block Vivint deal
Delaware judge rejected injunction on purchase Thursday
Billionaire hedge fund manager David Tepper said he’s considering his options after a judge rejected his request to block part of a $1.9 billion clean-energy deal.
He expects to make a decision by Monday, after reviewing transcripts from a conference call Thursday when Delaware Chancery Court Judge Andre Bouchard declined to impose an injunction on the deal.
The ruling clears a path for SunEdison Inc. to move forward with its purchase of Vivint Solar Inc., a complicated and contentious deal that has been delayed amid criticism from investors. As part of the transaction, SunEdison’s TerraForm Power Inc. yieldco unit agreed to buy $799 million of Vivint’s assets. Tepper’s Appaloosa Management LP is TerraForm’s third-biggest shareholder and he filed suit in January to block that part of the acquisition.
“I’m waiting to see what the judge actually said,” Tepper said in a phone interview Friday. “We’ll have a response on Monday after we see the transcript.”