Finavera Wind Energy Inc. (‘Finavera Wind Energy’ or the ‘Company’) (TSX-V: FVR) is pleased to provide an update on the current discussions relating to the acquisition of the Company.
Finavera has expanded its discussions with four potential bidders for the Company. These discussions are at an advanced stage and initial offers are expected shortly.
In addition, there are a number of new entrants who have signed Non-Disclosure Agreements and are currently reviewing data in the Company’s data room and conducting initial due diligence. Capital West Partners, an experienced merger and acquisitions advisor, is responding to their inquiries and will review offers received. Capital West will then present its recommendation to the Special Committee of the Board, which is composed of four independent directors. The Special Committee is charged with ensuring that the review of a proposed transaction is made without conflict of interest between the Company and its directors, controlling shareholders and management.
The four potential bidders in advanced discussions with the Company 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 and an assessment of the financial returns from the projects. Finavera is moving expeditiously to consummate a transaction in the near term.