EVgo’s board formed a special committee Monday to review LS Power and affiliates’ nonbinding $2-a-share cash offer for remaining Class A stock, a proposal that could take the charging company private.
The proposal came from LS Power Equity Advisors LLC and affiliates, which the letter identifies collectively as LS Power. It covers every Class A common share outside the group and would pay those shareholders cash if completed. LS Power conditioned further pursuit on a favorable recommendation from the committee.
EVgo said the committee comprises independent, disinterested directors and is authorized to hire outside legal and financial advisers. The company has not determined its response and said shareholders did not need to act at that time.
A Nov. 2 filing with the Securities and Exchange Commission reports that LS Power-related reporting persons share beneficial ownership of 178,682,352 EVgo shares. The filing breaks that block into 5,882,352 Class A shares and 172.8 million Class B shares, and calculates it as 56.81% of combined voting power using share counts from July 28.
LS Power’s letter puts the $2 offer 59% above EVgo’s Oct. 30 closing price and 62% above the 30-day volume-weighted average price through that date. Those percentages are LS Power’s calculations. The letter gives neither a total purchase value nor a funding source.
The letter favors a long-form merger, saying LS Power believes that structure would offer public shareholders fuller disclosure and appraisal rights.
The proposal remains nonbinding: LS Power can revise or withdraw it, and neither side would be bound until both sign definitive documents acceptable to them. EVgo cautioned that an agreement may not be reached and that any resulting deal could fail to win approval or close.
EconoTimes previously reported LS Power’s cash proposal for EVgo shares outside its group. EVgo is scheduled to report third-quarter 2026 results Monday, Nov. 9, followed by a webcast at 9 a.m. ET.
