Talks break down between Western Wind, Brookfield

Deal talks have broken down between Vancouver-based Western Wind Energy Corp. (TSX-V:WND) and Bermuda-based Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN), the companies have announced.

Deal talks have broken down between Vancouver-based Western Wind Energy Corp. (TSX-V:WND) and Bermuda-based Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN), the companies have announced.

In a news release issued yesterday, Brookfield said it had terminated "all present or future discussions" regarding an alternative transaction to its all-cash offer to acquire Western Wind shares for $2.50 per share.

The bidder further criticized Western Wind's news release of January 22 for "[raising] shareholder expectations that a revised proposal will be made, despite there being no agreement or understanding between the parties regarding a proposal or its terms."

Western Wind's January 22 news release advised shareholders to reject Brookfield's current offer and hinted that a better deal was coming.

Brookfield wrote in its January 24 response that it had been looking to working with the board of Western Wind toward a board-supported transaction.

"Unfortunately," Brookfield wrote, "based on Western Wind's conduct since the commencement of the offer it appears that Western Wind, and in particular, its CEO, has no intention of selling the company."

Brookfield reiterated that its offer expires January 28.

As of press time, Western Wind stock was trading at $2.41.

In September, Western Wind management won a proxy battle against investment fund manager Savitr Capital LLC.

jwagler@biv.com

@JennyWagler_BIV

comments powered by Disqus

Also Read

More From Mining & Energy

Fort St. John Mayor Lori Ackerman says she brought a "dire" message to federal officials Ottawa last week, hammering home the impacts the latest oil ...

Read Article

Oil prices are up about 60% from this year’s lows, climbing close to...

Read Article

Teck Resources reported first quarter results that were...

Read Article

Caterpillar has been hit hard by the decline in mining and construction, with sales down more than...

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×