Brookfield Renewable extends offer for Western Wind
Tuesday, Feb 12, 2013Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN) ("Brookfield Renewable") and WWE Equity Holdings Inc. (the "Offeror") today announced that the Offeror has extended the expiry time of its offer to acquire the common shares of Western Wind Energy Corp. ("Western Wind" or the "Company") for $2.60 per share (the "Offer").
Brookfield Renewable is very encouraged by the number of shares that have been tendered since the release of the Ontario Securities Commission ("OSC") decision on Friday, February 8, 2013. On that date, the OSC dismissed the application of Western Wind and agreed with Brookfield Renewable that a formal valuation of the Western Wind common shares is not required. Brookfield Renewable realizes that many shareholders were waiting for the OSC decision before deciding whether to tender to the Offer. Given that the OSC decision was only announced on February 8th, Brookfield Renewable wants to ensure that shareholders have adequate time to tender to the Offer, and has extended the Offer by 10 days, the minimum period permitted by statutory requirement.
Brookfield Renewable is now close to satisfying the minimum tender condition but still needs some additional support from shareholders to do so.
Source: Brookfield Renewable Energy Partners L.P.