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Gold/Mining/Energy : Canadian Oil & Gas Companies

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From: Cal Gary	7/21/2008 9:56:27 AM
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TransAlta receives letter on possible takeover from LS 2008-07-21 08:21 ET - News Release Ms. Donna Kaufman reports TRANSALTA BOARD OF DIRECTORS TO EVALUATE LETTER FROM LS POWER TransAlta Corp. has received a non-binding letter from LS Power Equity Partners, an entity associated with Luminus Management LLC and Global Infrastructure Partners, regarding engaging in a dialogue about a possible acquisition of TransAlta for $39 per share in cash. In the non-binding letter, received on Friday, July 18, after the close of markets, LS Power indicated that its possible acquisition would be structured as a plan of arrangement and be subject to completion of due diligence, TransAlta's board of directors' approval and various other conditions. "As we did in previous matters relating to Luminus, TransAlta's board of directors has reconstituted its special committee of independent directors, will carefully consider the letter and will respond in due course," said Donna Soble Kaufman, chair of the board of directors. "As always, the board will pursue the best course of action to enhance long-term value for TransAlta shareholders. There has been no offer and shareholders need not take any action." We seek Safe Harbor.

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