Canadian Hydro Developers Inc said on Tuesday it has received a number of proposals from other suitors after opening its books to try to attract a better offer than TransAlta Corp's C$654 million ($611 million) hostile takeover bid.
The renewable energy producer received proposals on Monday, after TransAlta, Canada's biggest investor-owned power producer, extended its C$4.55 per share offer for Canadian Hydro for a third time, to October 2 from September 22.
We have had a robust data room process, with interest from many parties, Canadian Hydro Chairman Dennis Erker said in a statement. TransAlta no longer has the leading proposal.
The company has said it is open to mergers, investments, or to the sale of the company.
Canadian Hydro will now evaluate the proposals, taking the necessary time to run a thorough analysis.
Shares of Canadian Hydro, which rejected TransAlta's offer as inadequate, have consistently traded at a premium to TransAlta's bid.
Canadian Hydro stock closed at C$5.08 on the Toronto Stock Exchange on Monday, and TransAlta closed at C$21.51.
(Reporting by Susan Taylor)