Vivint Solar terminates $2.2 billion merger with SunEdison
Rooftop solar panel installer Vivint Solar Inc (VSLR.N) said on Tuesday it had terminated an agreement under which it would have been taken over by solar energy company SunEdison Inc (SUNE.N) after SunEdison failed to “consummate” the deal.
The cash-and-stock deal, worth $2.2. billion when it was forged last July, had faced criticism from hedge funds and other investors as SunEdison’s finances and share price weakened.
SunEdison shares were up 41 percent at $2.68 in premarket trading, while Vivint’s were little changed at $5.20.
Vivint said it intended to “seek all legal remedies available” as a result of the “willful breach” of the merger agreement by SunEdison.
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