Shares of Vancouver-based Western Wind closed 11 per cent above Brookfield Renewable Energy Partners LP's C$2.50 per share proposal on Wednesday as Western Wind claimed that interest from other potential bidders indicated that Brookfield's C$460 million bid was too low.

It was not the first time for Western Wind to turn down the C$2.50 per share bid. Earlier, it had rejected a bid in 2011 from Algonquin Power for the same price.

Western Wind CEO Jeff Ciachurski will get a bonus of C$2 million if he manages to sell the company for at least C$3 per share, and Fraser Mackenzie believes that the company could receive a bid as high as C$4 per share.

Wojtek Nowak, an analyst with Fraser Mackenzie, stressed that the market was implying some possibility of a higher offer.

Speaking on the topic, Nowak said, "Management is highly motivated to get a higher price. They've already got assets up and running, which is quite attractive to an operator."

Western Wind put itself up for sale in July due to steep plunge in its stock. The company's stock slipped to as low as C$1.14 in July, 43 per cent from the beginning of the years as the company could manage to obtain only a fraction of a $90.5 million U. S. Treasury Department grant it had applied for to finance its wind farm in California.

Western Wind, the developer as well as operator of wind farms and solar projects, owns more than 500 wind turbines, and operates a combined wind-&-solar plant in Arizona and several wind farms in California.