VANCOUVER - Brookfield Renewable Energy Partners LP (TSX:BEP.UN) has given up trying to negotiate a friendly takeover deal for Western Wind Energy Corp. (TSXV:WND).
Brookfield Renewable, part of the Brookfield group of companies and a minority shareholder of the alternative energy company, said Thursday that it has broken off talks with management.
Western Wind said in July that it was putting itself up for sale, however Brookfield Renewable said Thursday it believes the company has no intention in making a deal.
Brookfield Renewable's offer of $2.50 per share cash is on the table until Monday.
Western Wind, which owns and operates wind and solar generation facilities in California and Arizona, has said the offer is too low.
Western Wind suggested earlier this week that Brookfield's offer might be amended in "the right direction." It suggested Western Wind shareholders might get $2.50 per share cash plus shares in a fully spun off Yabucoa project.
However, Brookfield said the cash portion of its offer would not stay the same under the proposed amendment.
Western Wind shares were down eight cents at $2.47 on the Toronto Stock Exchange.