Investors Infratil and Mercury NZ are to make a full takeover offer for Australasia developer Tilt Renewables.
The companies, which already hold 51.04% and 19.99% respectively, have offered NZ$2.30 per share, a premium of 24.3% of the closing rate on 11 May, the day before Mercury built its position.
“Infratil is confident that the board of Tilt Renewables will support the offer, given the premium it represents for minority shareholders relative to recent trading and comparables in the Australian renewables sector.”
Tilt has installed a total capacity of 639MW across eight wind farms and has a development pipeline of 1.6GW, which includes solar and storage.
“Infratil believes Tilt Renewables is well positioned to continue executing on its strong and diverse development pipeline.”
Image: ardianjpg
Investors target full Tilt takeover
By EBS