The activist investor Knight Vinke doesn’t want its 1.3% stake in Swiss utility Alpiq to be squeezed out in a delisting. As with its other European energy interventions, Knight Vinke’s worthy crusade for shareholder justice faces stiff headwinds. gfhay
Knight Vinke on Aug. 20 called for Swiss energy group Alpiq to scrap a plan to forcibly squeeze out minority shareholders, including itself, at what the activist investor claimed was an undervalued level.
Knight Vinke, which owns 1.3% of Alpiq, argues that a valuation assessment conducted by consultant PwC for Alpiq used an inappropriately high discount rate to value the company’s cashflows. It claims that with a correct discount rate, sees PwC’s valuation of Alpiq would be 50-75% higher. Following the recent sale of EDF’s 25% stake in Alpiq, Swiss investors EOS Holding, a separate consortium of Swiss investors and Credit Suisse’s CSA Energy Infrastructure Switzerland want to delist the company and eventually own roughly a third each. Knight Vinke wants the delisting and squeezing out of minority shareholders to be reversed and for it to continue to hold a stake.
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