29 Nov '12, 4pm

Real M&A: Western Wind Seen Luring Bids to Top Priciest Offer

Real M&A: Western Wind Seen Luring Bids to Top Priciest Offer

While Brookfield’s offer represents the industry’s steepest multiple of earnings before interest, taxes, depreciation and amortization, Western Wind is still conducting an auction and said interest from other potential bidders indicates that the C$460 million ($463 million) bid is too low. With Chief Executive Officer Jeff Ciachurski set to receive a C$2 million bonus if he can sell Western Wind for at least C$3 a share, Fraser Mackenzie said it could fetch as much as C$4. The company may lure utilities and independent power producers such as Algonquin Power & Utilities Corp., Jacob Securities Inc. said. “The market’s implying some probability of a higher offer,” Wojtek Nowak, a Toronto-based analyst with Fraser Mackenzie, said in a telephone interview. “Management is highly motivated to get a higher price. They’ve already got assets up and running, which is quite attracti...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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