SunEdison unit TerraForm Power adopts poison pill

(Reuters) - SunEdison Inc's unit TerraForm Power Inc said it had adopted a shareholders rights plan to prevent any sale of a significant number of Class A shares in the company. Brookfield Asset Management Inc and hedge fund Appaloosa plan to jointly bid for SunEdison's stake in TerraForm Power, according to a regulatory filing on Friday. (http://bit.ly/2a5w44D) TerraForm Power shares rose 6.7 percent to $13.34 in light premarket trading on Monday. All Class B shares of TerraForm Power are owned by SunEdison, while its Class A shares are held by the public, private investors and the company's executives. TerraForm Power had 80 million Class A shares and 60.4 million Class B shares outstanding as of Oct. 31, 2015. The rights plan is also aimed at fending off Brookfield Asset Management's accumulation of its Class A shares, TerraForm Power said in a statement on Monday. Separately, SunEdison said it was working with TerraForm Power and its other yieldco, TerraForm Global Inc , to explore "value creation options" for their Class B shares it holds. The rights plan, popularly known as "poison pill", will be triggered if a party takes 15 percent ownership of TerraForm Power. Brookfield Asset Management and Appaloosa own 12.13 percent and 9.54 percent of TerraForm Power's class A shares, respectively, according to a filing. (Reporting by Arathy S Nair and Amrutha Gayathri in Bengaluru; Editing by Kirti Pandey)