Calpine Investor Sues for More From $5.6B Energy Capital Deal

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By Jacob Rund

A Calpine Corp. stockholder is challenging the $15.25 in cash per share awarded when an investment consortium took the Houston-based power producer off the public market for $5.6 billion.

Marble Holdings LLC filed a petition — made public July 6 — in Delaware Chancery Court, asking for a judge to assess the “fair value” of its 17.9 million shares of Calpine stock. A group of investors including private equity firm Energy Capital Partners and the Canada Pension Plan Investment Board completed its Calpine acquisition in March.

Delaware’s appraisal statute allows stockholders of a target company to sue for more than they received in a deal. But recent state court decisions have made it more difficult for most petitioners to get a higher price for their shares, as more emphasis has been placed on fairly negotiated deal prices.

Marble wants Calpine to pay them the court-determined value of its shares, along with its attorneys’ fees and any interest that accrued since the acquisition closed.

The case is Marble Holdings v. Calpine Corp. , Del. Ch., No. 2018-0492, petition filed 7/6/18 .

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To contact the editor responsible for this story: Fawn Johnson at

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