Transaction|February 21, 2013
Brookfield Renewable succeeds in bid for Western Wind
Torys acted as counsel to Brookfield Renewable with a team that included Karrin Powys-Lybbe, Jim MIller, Dean Kotwal, Morgan Crockett and Graeme Murray (M&A), Andrew Gray (litigation), Richard Johnson and Leila Ross (Canadian tax), David Mattingly and Cecile Antier (U.S. tax), Mile Kurta, Christopher Roehrig and Heding Yang (U.S. securities), Rose Bailey (debt financing) and Christopher Caparelli (U.S. regulatory).
On February 21, 2013, Brookfield Renewable Energy Partners (Brookfield Renewable) and WWE Equity Holdings Inc. (WWE Equity) announced that the WWE Equity has taken up 35,443,025 common shares of Western Wind Energy Corp. (Western Wind) pursuant to its all-cash offer to acquire the common shares of Western Wind for $2.60 per share. The common shares taken up represent 59.7% of the common shares held by shareholders independent of Brookfield Renewable. Brookfield Renewable will now own 46,767,375 common shares of Western Wind representing 66.1% of the issued and outstanding common shares.
Brookfield Renewable announced its intention to commence its offer on November 23, 2012. Originally offered for a cash consideration of C$2.50 per share, representing a proposed total equity purchase price of approximately C$145 million, the offer was subject to acceptance by shareholders independent of Brookfield Renewable owning more than 50% of the Common Shares outstanding and other offer conditions customary in the circumstances.
The deal was structured as a "Permitted Bid" under Western Wind's Shareholder Rights Agreement
Brookfield Renewable Energy Partners operates one of the largest publicly-traded, pure-play renewable power platforms globally.
Western Wind Energy Corp. owns and operates wind and solar generating facilities, totalling 165 MW of rated capacity from four sites located in the States of California and Arizona.
Further information can be found on Marketwire's website.
Brookfield Renewable announced its intention to commence its offer on November 23, 2012. Originally offered for a cash consideration of C$2.50 per share, representing a proposed total equity purchase price of approximately C$145 million, the offer was subject to acceptance by shareholders independent of Brookfield Renewable owning more than 50% of the Common Shares outstanding and other offer conditions customary in the circumstances.
The deal was structured as a "Permitted Bid" under Western Wind's Shareholder Rights Agreement
Brookfield Renewable Energy Partners operates one of the largest publicly-traded, pure-play renewable power platforms globally.
Western Wind Energy Corp. owns and operates wind and solar generating facilities, totalling 165 MW of rated capacity from four sites located in the States of California and Arizona.
Further information can be found on Marketwire's website.