Western Wind Energy Corp. fell the most in 11 years after Algonquin Power & Utilities Corp. said it’s no longer interested in buying the wind farm owner.
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.