Western Wind Shares Gain 58% on Unsolicited Algonquin Bid
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.
To contact the reporter on this story: Christopher Martin in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com