TerraForm Global (GLBL)

242 posts in this topic

4 hours ago, kknd1234 said:

Based on the 8k, it looks like the shareholder of GLBL will receive between 1.5 to 1.75 on top of the buyout offer from BAM. From seekingalpha -  aventeren .

" Okay, 75% of the B shares would be 75% * 61M shares = 46,007,290.5 shares. If there are currently 113,206,700 A shares, that means A shareholders would receive the equivalent of 46,007,290.5 shares / 113,206,700 shares = 0.406 shares. If the offer price were $4.15, then A shareholders would receive a 0.406 shares * $4.15/share = $1.6849/share; 0.406 shares * $4.25/share = $1.7255/share; 0.406 shares * $4.35/share = $1.7661/share; etc. So this "allocate 75% of B shares to A shareholders" clause would mean something like $1.68-ish to $1.80-ish in additional value for A shareholders. Is my math right? I'm just noodling here. "

I think class A will only get 75% of the total price payed, which would be only about (113m+61m)*0,75*4,25/113m=4,90.


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6 hours ago, slowtrader said:

from BK-Filing:

SunEdison holds a total of 48,202,310 Class B shares of TERP and 48,202,310 Class B units19 of Power LLC.20 Pursuant to the limited liability company agreement of Power LLC, SunEdison is also entitled to certain incentive distribution rights (“IDRs”).21 SunEdison’s position represents 100% of the Class B shares of TERP and Class B units of Power LLC outstanding. In the aggregate, SunEdison holds approximately 35% of the economic interests and 84% of the voting interests in TERP, with the securities held indirectly through two SunEdison subsidiaries – SunEdison Holdings Corporation and SUNE ML 1, LLC. As of the Petition Date, TERP had 91,280,208 Class A shares outstanding, all of which are publicly tradable shares and represent approximately 65% of the economic interests of TERP

So if BAM pays $11.50 per share of TERP to SUNEQ which owns 48M shares. However only 36% of the amount would be paid, the A class holders would receive no less than $3.88 per share on the top of $11.5 for each TERP share they have?


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