Clipper Windpower runs out of puff

Aren't share prices meant to go up when the board announces a bid approach? Not at Clipper Windpower, where the breezes have been unhelpful for the past three years. At its peak, this manufacturer of wind turbines traded at 800p; it has fallen 30% to 32p. The lack of excitement around the bid approach is easily explained. Clipper's negotiating position is horrible – it expects to face "significant liquidity strain within the next year" – and there's only one bidder in town. US engineer UTC, owner of Pratt & Whitney, has 49.9% and may feel it's owed something having bought into Clipper at 150p. UK taxpayers have handed £4m in grants to Clipper to encourage the building of a wind turbine for the UK market. It may be galling to say so, but the injection of American engineering muscle may be the best outcome all round.