RE: RE: read the NR Bakken, the contradiction I have is that WND states Brookfield approached WND with what WND felt was a discussion to discuss alternative offers. Brookfield says WND orchestrated the discussion to enable WND to back out of its neutral recommendation. Who do we believe
My guess is that both happened. Brookfield has been knocking at WNDs door, and WND has been telling them to sign the NDA like everyone else. Eventually WND took the bait, and said they would have a discussion under the hopes it meant a better offer. THere is no other reason to have a discussion with Brookfield since they have an offer on the table. The discussion bore no fruit. WND walked away with the impression that better deals were available, not just in general as they have been stating, but specifically from Brookfield as their $2.50 puts no value on Yacuboca. Brookfield's goal was probably to convince management that this was the best offer out there, and that they should change the recommendation to acceptance. When Brookfield realized that WND mgmt has no interest in selling at $2.50, it called the whole process a farce and has pulled the plug on talks. For now. These things are always transient.
The take away, there was a discussion on Tuesday where no new deal was cobbled together. Both Brookfield and WND spun that discussion to support their position ($2.50 is the best you will get and anything management says to the contrary is because they don't want to sell - and don't accept $2.50 there are better deals and Brookfield knows it).
It is PR. Nothing has changed about the fundamentals of this company. We are still in the dark as to the rest of the process being run by Rothschild. I doubt Brookfield will pick up their required shares, but they may. If not, the stock price will ping pong around some more before we either see a deal or have no deal (mainly because of the way this process has gone) and we end up all holding shares in a company with solid assets worth north of $3.25 a share that include projects generating revenues, a pipeline of projects eligilbe for new grants, tax credits to reduce the company's tax burden and a management team that has shown it can develop greenfield projects even during periods when credit is hard to find and the market is sour on renewables.