RE: Why would Brookfield walk? If they don't get tot he threshold number they have 2 choices up the bid or take the same chance as the rest of us with the share price.
We remind shareholders that in order to qualify as a Permitted Bid under the terms of Western Wind's Shareholders Rights Plan, Brookfield must have 50% of the independent shareholders tender, other than itself, to its offer. The figure of 44% quoted today by Brookfield, refers to the level Brookfield claims it has reached under this requirement, that is, 44% of 50%, or 22% of independent shareholders needed. At 22%, either locked or verbally pledged in total, is less than half the number of shareholders required to qualify as a Permitted Bid. Therefore, 22% is the total position locked or pledged, with the remaining 78% supporting a higher price.
We also remind shareholders that in order to take the Company private, a bidder needs to have tendered at least 90% of outstanding shares, a number requiring friends, family and insiders all to all tender.