Algonquin abandons interest in Western Wind

Oct 27, 2011 - Canada's Algonquin Power & Utilities Corp (TSE:AQN) on Wednesday announced that it was dropping its interest in a potential takeover of Western Wind Energy Corp (CVE:WND).

Algonquin said in a statement that it was no longer interested in pursuing talks or carrying out due diligence regarding Western Wind. It added that, as a result, a lock-up deal it had agreed with a significant Western Wind shareholder had been terminated.

Western Wind earlier in October set up a special committee of directors to consider any formal offer from Algonquin as well as other alternatives.

The news saw Western Wind's shares close more than 22% lower on Wednesday.

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