Clipper Windpower Plc (CWP.L) said that On 10 December 2009, United Technologies Corp.(UTX) made a partial cash offer to existing shareholders in Clipper Windpower to purchase up to 21.80 million Shares in Clipper for £1.80 per Share. The Partial Cash Offer was made in addition to UTC's subscription for 84.34 million new Shares in Clipper.
UTC and Clipper announced that the Partial Cash Offer has been oversubscribed and that UTC had received valid tenders under the terms of the Partial Cash Offer in respect of a total of 47.08 million Shares. As a result of rounding any fractions, UTC will acquire 21.80 million Shares under the Partial Cash Offer.
In accordance with the terms of the Partial Cash Offer, consideration will be despatched to shareholders who have validly tendered Shares on or around 15 January 2010. The Shares acquired by UTC pursuant the Partial Cash Offer and the Subscription will represent about 49.5% of the issued share capital of Clipper.
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