Clipper Windpower is engaged in wind energy technology, wind turbine manufacturing, and wind farm development. Headquartered in Carpinteria, Calif., the company has a wind turbine manufacturing plant in Cedar Rapids, Iowa, and research and development facilities in Carpinteria, Calif., and Blyth Harbor, U.K. The wind power company had 2008 revenues of $737 million.
UTC and Clipper are pleased to announce that the Partial Cash Offer has been oversubscribed and that, as at 5.00am on 12 January 2010 (the time at which the Partial Cash Offer closed), UTC had received valid tenders under the terms of the Partial Cash Offer in respect of a total of 47,080,867 Shares.
Accordingly, the number of Shares which are acquired from each shareholder who has validly tendered Shares in the Partial Cash Offer will be scaled back pro rata with reference to the total number of Shares tendered, so as to ensure that the total number of Shares purchased by UTC pursuant to the terms of the Partial Cash Offer is the Target Number. As a result of rounding any fractions, UTC will acquire 21,804,550 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. Balance Share certificates in respect of retained shareholdings or unsuccessful partial tenders of Shares will be despatched to shareholders on or around 26 January 2010.
The Shares acquired by UTC pursuant the Partial Cash Offer and the Subscription will represent approximately 49.5% of the issued share capital of Clipper.