On February 24, 2020, Water Island Capital LLC announced that it has addressed what it considers untrue and misleading claims made by Pattern Energy Group Inc.'s board in regard to the planned acquisition of the Company. Water Island stated that the open letter was in response to the Company's latest press release in which it defended the agreed deal with Canada Pension Plan Investment Board (CPPIB). Water Island added that it has cited several analyst comments on the transaction value in support of its claim that the price of USD 26.75 (EUR 24.73) per share offered by CPPIB does not offer fair value to the Company's shareholders. Water Island stated that it concludes by advising the Company shareholders to vote against the deal on March 10, 2020.