RNW

An old sit where CPPIB/Chair/Masdar bid $7.07 in late ’24, eventually worked their way higher towards $8.15 but then Masdar walked last minute and the situation busted. Chair and CPPIB are back this morning w/ a $6.75 proposal via 13Ds:

On May 28, 2026, the Reporting Persons and Canada Pension Plan Investment Board (“CPPIB” and together with the Reporting Persons, the “Consortium”) jointly submitted a non-binding proposal (the “Proposal”) to the special committee of the board of directors of the Issuer (the “Board”) to, subject to the Rollover (as defined below), acquire all of the Shares (on a fully diluted basis) of the Issuer not presently owned by the Consortium at a price per share equal to $6.75 (the “Proposed Transaction”).

This would normally trade to parity or better, but arbs got burned last time.