Pirate Capital's Activist Website BadAquilaDeal.com Offers a Free T-Shirt

Yesterday afternoon, Pirate Capital LLC announced a website www.badaquiladeal.com that discusses its view that the transaction between Great Plains (NYSE: GXP) and Aquila (NYSE: ILA) substantially undervalues Aquila.

On the website there is a presentation from Pirate Capital illustrating the shortcomings of the deal. There is also links for comments, the e-mail of Aquila's CEO, and strangely a link for a Free T-Shirt (First 1,000 people, Large Sizes Only).

In its presentation, Pirate Capital makes the case that Aquila is worth $4.50-$5.00 per share currently and said with certain alternative actions the stock could be worth $5.00-$5.50 per share, on a present value basis. The firm said the current Great Plains transaction values Aquila at $4.10-$4.24 per share, on a present value basis.

Pirate Capital disclosed a 17.55 million share stake in Aquila, which is just below the 5% threshold for a 13D.