Avista Corporation

Robbins Arroyo LLP: Acquisition of Avista Corporation (AVA) by Hydro One Limited (H) May Not Be in Shareholders’ Best Interests

Robbins Arroyo LLP is investigating the proposed acquisition of Avista Corporation (NYSE: AVA) by Hydro One Limited (TSX: H). On July 19, 2017 the two companies announced the signing of a definitive merger agreement pursuant to which Hydro One will acquire Avista Corp. Under the terms of the agreement, Avista Corp. shareholders will receive $53.00 for each share of Avista Corp. common stock.

Is the Proposed Acquisition Best for Avista Corp. and Its Shareholders?

Robbins Arroyo LLP’s investigation focuses on whether the board of directors at Avista Corp. is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.

On May 3, 2017, Avista Corp. reported strong earnings results for its first quarter 2017. Avista Corp. reported net income attributable to Avista Corp. shareholders of $62.1 million, a 7.8% increase from the same period of the prior year. In commenting on these results, Avista Corp. President, Chairman of the Board, and Chief Executive Officer Scott Morris remarked, “We are off to a good start in 2017, with consolidated earnings above our expectations. Our higher earnings in the first quarter were mainly from increased hydroelectric generation, which put us in a benefit position in the Energy Recovery Mechanism (ERM) in Washington, and lower than expected operating expenses.”

In light of these facts, Robbins Arroyo LLP is examining Avista Corp.’s board of directors’ decision to sell the company now rather than allow shareholders to continue to participate in the company’s continued success and future growth prospects.

Avista Corp. shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information.

Avista Corp. shareholders interested in information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.

 

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