Pirate Hopes To Pin Aquila At Meeting

Apr 24 2007 | 10:02am ET

Activist hedge fund Pirate Capital is making another sartorial statement in its battle with energy company Aquila.

Weeks after unveiling a t-shirt lambasting the deal, Pirate is now encouraging shareholders to wear a button to Aquila’s annual meeting on May 2, “to show their opposition to Aquila’s proposed transaction with Great Plains Energy.”

Just like the t-shirts, the buttons, featuring Aquila CEO Rick Green, are available on Pirate’s anti-Aquila Web site, www.badaquiladeal.com.

Pirate contends that the Aquila proposed sale to fellow utility Great Plains is a bad deal for shareholders.

Of course, Pirate isn’t counting on fashion statements alone to get its way: The firm and its funds, which control about 5% of Aquila, are also suing the company to block the deal.

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