In response to a release issued by Western Wind, Algonquin Power & Utilities Corp. has now responded to the acquisition offer issued earlier. Here is their response:
OAKVILLE, Ontario – October 11, 2011- Algonquin Power & Utilities Corp. (“APUC”) (TSX : AQN) expressly disavows any assertions made in the press release issued today by Western Wind Energy Corp. (“Western Wind”) regarding an unsolicited offer being made by APUC for the shares of Western Wind.
In a confidential communication with the Western Wind Board of Directors, APUC provided a non-binding expression of interest in engaging in discussions with Western Wind to determine whether an opportunity exists to create shareholder value. Further, the communication was clear that any offer would only be made following completion of substantial due diligence by APUC, execution of a definitive support agreement between Western Wind and APUC and approval of the APUC Board; none of which have been completed.
During its analysis of Western Wind based on publicly available information, APUC has held discussions with a number of Western Wind’s largest shareholders regarding a potential $2.50 per share offer for Western Wind and from these discussions is confident that these shareholders would be supportive of such an initiative.
It is now up to Western Wind’s Board of Directors to initiate an appropriate process to provide access for any interested party to perform a due diligence review.
Well continue to update you on the story as it continues.