Brookfield Renewable Energy Partners L.P. (BEP_UN.TO: Quote) and WWE Equity Holdings Inc. or the Offeror announced that the Offeror has increased its all-cash offer to acquire the common shares of Western Wind Energy Corp. (WND.V: Quote) to C$2.60 per share and has extended the expiry time of the Offer to 5:00 p.m. (EST) on February 11, 2013.Brookfield Renewable said “this is its best and final offer.” Brookfield Renewable noted that it will not have any further discussions with the Company regarding an alternative transaction.
Shareholders holding 9.03 million common shares of Western Wind , or 15.27% of the common shares held by independent shareholders, have entered into lock-up agreements with the Offeror. The Locked-up Shareholders have agreed to tender their shares to the Offer unless another offer is made for consideration of 5% more than the price under the Offer.
In addition, Brookfield Renewable said it has been advised that an additional 3.97 million common shares of Western Wind, representing approximately 6.7% of the common shares held by independent shareholders, will also be tendered to the Offer.
The C$2.60 per share offer price represents attractive consideration and a significant premium of 118% to the C$1.19 per common share closing price of the common shares on the TSXV on July 27, 2012, the last trading day prior to Western Wind’s announcement of its sale process.
It is a condition of the Offer that 50% of common shares held by shareholders independent of Brookfield Renewable are tendered to the Offer. If this minimum tender condition is not satisfied by the expiry time of the Offer, no common shares will be acquired by Brookfield Renewable. The Offer already has support from approximately 44% of the common shares required to satisfy the minimum tender condition, Brookfield Renewable said.Brookfield Renewable responded to Western Wind’s news release issued on January 27, 2013 announcing it has made a formal application to the Ontario Securities Commission or “OSC” requesting that the OSC make orders requiring that the Offeror and Brookfield Renewable prepare and disclose a formal valuation. Brookfield Renewable was of the view that the purpose and timing of the application is tactical – part of Western Wind’s continuing strategy to frustrate the Offer and prevent the sale of Western Wind.Brookfield Renewable said If there is an OSC hearing, it will vigorously defend its position.
In last-November, Brookfield Renewable Energy Partners announced its intention to commence an offer to acquire all of the issued and outstanding Common Shares of Western Wind Energy for cash consideration of C$2.50 per share.
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by RTT Staff Writer
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