Brookfield Renewable Energy Partners LP (Toronto, Canada) has failed in its bid to take over Western Wind Energy Corporation (Vancouver, Canada), by failing to acquire the acceptance of 50% of shareholders for its bid of USD 2.60 per share.

Western Wind had urged shareholders to reject the offer, noting that its 30 MW Yabucoa solar photovoltaic (PV) plant in Puerto Rico is nearing financial close. Shareholders had also rejected a Brookfield offer of USD 2.50 per share in 2011.

"The shareholders have spoken that this offer is inadequate and we continue to urge Brookfield to listen to what the shareholders require," read a statement signed by Western Wind President and CEO Jeffrey Ciachurski. "We understand the frustration of some long-time shareholders but we reiterate that Western Wind is in fact, for sale."

"Contrary to statements made by Brookfield, Western Wind's management is fully committed to a sales process that will maximize shareholder value. Yabucoa is proceeding towards Financial Close and Brookfield does not want our shareholders to receive any value for this asset or any other significant asset."

Western Wind calls for withdrawal of Brookfield bid

Brookfield's bid has been public since November 23rd, 2012, and the company has stated that this was its final offer. Western Wind has called for a formal withdrawal of the bid, to allow for a "true action" for the company.

2013-02-15 | Courtesy: Western Wind | solarserver.com © Heindl Server GmbH

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