Western Wind fell as much as 32 percent, its biggest drop since June 27, 2000, before trading down 45 cents, or 22 percent, at 10:34 a.m. on the TSX Venture Exchange.
Algonquin is no longer interested in “pursuing discussions with, or conducting due diligence regarding” Vancouver-based Western Wind, the Oakville, Ontario-based utility operator said today in a statement.
Western Wind hired RBC Capital Markets and PI Financial Corp. last week to advise a board committee on offers after existing shareholders expressed interest in selling shares to Algonquin. McMillan LLP was providing legal advice.
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