The board made its determination following a detailed and comprehensive review by a special committee of independent directors, and based on advice from financial and legal advisors. Goldman, Sachs and CIBC World Markets provided financial advice to TransAlta.

Donna Kaufman, chair of the TransAlta board of directors, said: We respect both LS Power and Global Infrastructure Partners but their highly conditional approach fails to recognize TransAlta’s fundamental value and growth potential. Accordingly, the board of directors has determined that accepting their invitation to engage in a dialog about a possible acquisition of the company is not in the best interests of TransAlta and its shareholders.