Western Wind to Sell Company, Avoid Proxy Battle: Filed under: Energy News

Western Wind to Sell Company, Avoid Proxy Battle

Western Wind to Sell Company, Avoid Proxy Battle: Filed under: Energy News

Western Wind and the Toronto Hedge Funds Last October, Western Wind Energy (TSXV:WND, OTC:WNDEF ) received an unsolicited takeover bid of $2.50 a share from Algonquin Power (TSX:AQN, OTC:AQUNF ) to buy the company. Before the bid, the stock had been trading in the $1.20-$1.25 range, but President and CEO Jeff Ciachurski felt that it did not fully value the company’s projects and assets, including approximately $1 per share of US tax assets which the Canadian company Algonquin would not be able to use. Large shareholders at the time were in favor of the sale, including at least one shareholder owning 18.6% of the stock who had entered into an agreement to support Algonquin’s bid. However, in the face of Western Wind’s vociferous opposition, Algonquin decided a hostile takeover was not in its interest, and withdrew the offer and terminated the lock-up agreement . A group of ...

Full article: http://www.altenergystocks.com/archives/2012/08/western_w...

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Western Wind to Sell Company, Avoid Proxy Battle: Filed under: Energy News [link]
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Western Wind to Sell Company, Avoid Proxy Battle: Tom Konrad CFA Western Wind and the Toronto Hedge Funds Last O... [link]
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