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Western Wind says reject Brookfield offer
2013-01-24 15:20 ET - News Release
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Mr. Michael Boyd reports
FURTHER UPDATE TO BROOKFIELD BID
Western Wind Energy Corp. is advising shareholders of the following disclosures with Brookfield.
On Thursday, January 17, 2013, Western Wind received a call from Rothschild, our financial advisor, stating that their Chairman received a call from a very senior official at Brookfield, requesting a meeting in Toronto as soon as possible, to discuss a revised increase in their bid.
A meeting was held in Toronto on the morning of Saturday, January 19, 2013 with the CFO of Western Wind, Rothschild and four (4) members of Brookfield. In that six hour meeting, Brookfield requested, and was given, a very detailed and forensic look at the Yabucoa Project and several other key financial matters. Western Wind delivered the essential financial details in the same manner as it would, for our lenders.
Following this disclosure, various ideas were discussed by both parties, on how to increase the value of the existing $2.50 bid by Brookfield. Suggestions made by all parties included: increasing the bid as an all cash bid; increasing the bid in two (2) components comprising of $2.75 cash plus spinning out our Kingman wind and solar production facility and our Arizona Page | 1 development assets into a separate Spinco; and lastly, an increased cash bid with a series of contingency payments to pay additional payments to Western Wind shareholders, based on completion of certain milestones going forward.
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