Western Wind Energy Corp. (WND), a Vancouver-based renewable energy developer, staged its biggest rally in more than a decade after Algonquin Power & Utilities Corp. made an unsolicited bid of C$2.50 a share to buy the company.
Western Wind jumped 58 percent to C$2.10 in Toronto, the largest increase since June 14, 2001.
Western Wind, which is developing wind and solar power projects in the U.S. and Canada, has a 120 megawatt wind farm becoming operational in three months that will bring returns to shareholders “well above” the Algonquin offer, Western Wind said today in a statement.
“This is an extremely low-ball bid to purchase 100 percent of the common shares of Western Wind Energy,” the company said in the statement, which recommended that shareholders “ignore” the offer.
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