RE:ALA management are morons
A more balanced view is needed. At the time of the ACI IPO, all utilities were out of favour and the IPO price reflected that view. Since then, helped by the return to lower rates, all of the utilities have been on a tear. Look at the one year charts for EMA. AQN and FTS. The ACI price in part reflects the change in attitude towards the utilities and the search for higher yields by pension funds. No doubt the IPO was at an attractive price for the buyers but the price appreciation is not just the result of a fire sale price of the IPO.
Also, the large block of shares held by ALA probably helped to boost the premium of the offer for the ACI shares. I think management did a good job on this.