EVgo forms committee to review $2-a-share take-private offer

EVgo said Monday that its board received an unsolicited and non-binding proposal from LS Power Equity Advisors and certain of its affiliates to acquire all of the Class A common stock it does not already own for $2.00 per share in cash. LS Power holds about 56% of the combined voting power of EVgo's common stock, the company said.

The board has set up a special committee of independent and disinterested directors to review and evaluate the proposal. The committee can hire independent legal and financial advisers. EVgo said no decisions have been made on how it will respond.

The company said there is no assurance a definitive agreement will be signed, or that any transaction will be approved or completed. It said shareholders do not need to take any action now, and that it does not plan to comment further unless it decides more disclosure is appropriate or required.

EVgo said the proposal is attached as an exhibit to a Form 8-K it planned to file with the Securities and Exchange Commission on Monday.

(The photo is a generic file photo of electric-vehicle charging spaces and is not an EVgo property.)