ENERGY

California Energy’s Magma Offer Criticized: Magma Power Co.’s largest shareholder, Dow Chemical Co., said California Energy Co.’s tender offer to acquire 51% of Magma Power for $35 a share undervalues the developer of geothermal energy sources and isn’t fair to all shareholders. Dow commented after California Energy of Omaha said it would commence a cash tender offer today for 51% of Magma Power’s stock, at a price of $35 per share. California Energy said the offer is the first step toward implementing its proposal made Sept. 19 to acquire all of San Diego-based Magma Power for a combination $25 a share in cash and $10 in California Energy stock. On Monday, Magma Power adopted a “poison pill” rights plan and filed a lawsuit in a Nevada court in bids to thwart the takeover.