Friday 24th August 2018 |
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Tilt Renewables has hired Cameron Partners and Rothschild & Co to advise it on the Infratil-led $208.5 million takeover offer for the business.
The Melbourne-based wind and solar developer has named Northington Partners to prepare an independent assessment of the offer.
Infratil owns 51 percent of the firm and has partnered with Mercury NZ, which in May acquired almost 20 percent of its shares, to buy out the rest at $2.30 a share. That is 8 percent more than they were trading at prior to the offer and matches what Mercury paid for its stake. The shares were recently at $2.28 on the NZX.
Tilt has seven operating wind farms in Australia and New Zealand and a string of development opportunities in both countries. It has just completed the 54 Salt Creek wind farm in Victoria and is preparing to proceed with the A$600 million, 336 MW Dundonnell project in the same state.
Tilt’s independent directors – chaired by Fiona Oliver – advised shareholders to do nothing. She said the firm has a strong operating base and arguably the best pipeline of renewable energy projects in the two countries.
“The committee is firmly of the view that any offer will need to fully recognise and value these elements. It is not yet clear to the committee whether the offer meets this requirement,” she said in a statement on NZX.
(BusinessDesk)
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