Why would WND issue a news release where they say that no other bidder is going to spend money on the sales process until Brookfield is gone. They just handed all of the power over to Brookfield, because as long as BEP keeps their existing shares, no other company is going to bid for WND, according to the WND news release.
So if BEP doesn't get enough shares tendered to buy WND, what if they just back off and wait? WND says that no others bids will come under that circumstance. Then what? What are we supposed to do?
I suppose that is why WND was negotiating with BEP, and continues to leave the door open for further negotiations. But why should BEP negotiate? They hold most of the cards.
Yes, if BEP did get their 50% tendered shares, the remaining minorty WND shareholders could fight for a better deal. Those are the only cards we hold as WND shareholders.
But again, the Catch 22. If we hold out for that better deal in a minority shareholders fight, the BEP deal won't pass anyway, so there will be no later and better deal. Can we all hope that there are enough "other" shareholders who will tender, so that we can benefit from a later deal? Is that a sensible investment position to take?
So one can tender and take the $2.60 offer and move on, or don't tender and be prepared to wait however long it takes to get rid of BEP. Until then, WND can build the company to a point where they might get a superior offer.
I suppose it all boils down to a rather simple choice. If you are a long-term investor, and believe that WND can continue to grow their share value through the development of additional projects and the redevelopment of older facilities, why not hold and ignore BEP and their lowball "offer". If you bought WND just for the sale, you may want to reconsider your strategy.
It is obviously a personal choice, and no one should feel bullied by one side or the other. There is no correct answer for everyone. You cannot worry about what everyone else is doing, as you have absolutely no control over what they do. Do what is correct for you.