Finavera Wind Energy Inc. (FVR.V), which fell 16% Thursday, has
recouped those losses and a bit more today as it provided an update
on an intended corporate transaction which is currently the subject
of advanced negotiations with four prospective companies. Finavera
anticipates the selection of a lead offer and the subsequent
announcement of a binding deal in short order.
It said: "Finavera Wind Energy has received initial offers from
four companies in relation to a corporate transaction ranging from
a complete offer for the outstanding share capital of the company
to a corporate partnership that allows the company to advance its
projects to construction and operation. The offers are the subject
of ongoing negotiations.
"The four companies that have submitted offers to Finavera have
completed significant due diligence including thorough reviews of
the company's documentation, site visits to a number of project
locations, confirmation of turbine supply pricing and construction
costs, risk assessments and the financial modeling of the returns
from the projects.
"There are a further twelve groups that have signed
Non-Disclosure Agreements and are currently reviewing data in the
company's data room and conducting initial due diligence with the
company. It is anticipated that additional offers will be
forthcoming from some of these groups.
"Before a decision relating to a particular transaction is made
by Finavera's Board, the different offers will be reviewed by
Capital West Partners, an experienced merger and acquisitions
advisor appointed by Finavera's Special Committee of the Board. The
Special Committee is comprised of three independent directors and
is charged with ensuring that the ultimate decision reflects the
best interests of all shareholders and is not subject to any
conflict of interest."
Copyright (C) 2013 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.