On February 18, 2020, Water Island Capital LLC announced that it has voiced opposition to the existing takeover deal for Pattern Energy Group Inc. Water Island Capital stated that as announced in early November, Canada Pension Plan Investment Board agreed to take the Company private at an enterprise value of about USD 6.1 billion (EUR 5.64bn), including debt. Water Island Capital added that the price per share under the deal is USD 26.75, which offered at best a negligible premium at the time of signing the agreement, and now represents a significant discount. Water Island Capital urged fellow shareholders to reject the proposal at the special meeting of shareholders scheduled for March 10, 2020 and warned that the existing deal contractually requires the board of directors of the Company to keep its recommendation in favor of the transaction.