July 30, 2012 / 2:47 PM / in 5 years

Western Wind seeks to sell itself; shares rise

(Reuters) - Shares of Western Wind Energy Corp WND.V rose 41 percent after the wind energy developer said it is putting itself up for sale.

Western Wind Energy’s shares, which have fallen 21 percent so far in 2012, were trading up 40 percent at C$1.74 on Monday on the Toronto Venture Exchange, making it one of the top percentage gainers on the Exchange.

The company in October 2011 had urged its shareholders to reject an unsolicited takeover bid from Algonquin Power and Utilities AQN.TO for at least C$150 million.

Western Wind, which has a market cap of C$74.65 million, said it is looking for a bid between Algonquin’s C$2.50 per share bid and an independent valuation of C$5.00 per share.

“Targeted purchasers will be large US energy companies, large regulated US electrical utilities and integrated US oil and gas companies that have existing renewable energy production portfolios,” the company said.

Reporting by Ankur Banerjee in Bangalore; Editing by Akshay Lodaya

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