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Alstom board endorses General Electric buyout bid

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Alstom has agreed not to seek out alternatives to the binding, cash offer for its energy operations submitted by General Electric Co., the Wall Street Journal reported Tuesday night.

Alstom’s board approved GE’s $12 billion-plus offer Tuesday. The Journal quoted sources saying that Alstom told GE that it would seek a fairness opinion from an outside consultant as well as from a special committee of its board, a process that could last until the end of May.

Alstom, which is based in Paris, has more than 450 employees at two Chattanooga power equipment plants on Riverfront Parkway in Chattanooga.

The French company has agreed to sign a “no go shop” clause that prevents it from seeking competing offers, the Journal said. Alstom still could review any unsolicited proposals, however.

Read more from our partners at the Chattanooga Times Free Press.

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