What happens if BEP gets >50%? WND would have its lawyers go to the OSC and file to cancel the buyout bid on the grounds that, as Insiders, Brookfield was required to deposit an appraisal with the shareholders and on Sedar, and they did not do so.
At least that is what I think WND will do, considering they already set that in motion.
WND will tie up the deal because it is a hostile deal and it looks like it even had a touch of threats coming from Brookfield that may border on what could be called blackmail to force the WND Board to swallow $2.50 for everything.
All the arbs buying at $2.42 today will then see their tendered shares frozen in limbo, waiting to see what happens...although they may be able to withdraw them. I am not sure they would be allowed to withdraw them prior to a ruling by the OSC though, and you know how fast the Govt. moves.
But it looks like today's volume is not bullish for Brookfield since it is about average daily volume since Brookfield made their offer back near the end of Nov. 2012.