The two companies planning a full takeover of Tilt Renewables Ltd (NZX & ASX: TLT) sent out their offer document to shareholders on Monday.
Infratil Ltd (NZX: IFT), through subsidiary Infratil 2018 Ltd, and Mercury NZ Ltd recently announced their takeover plan. Infratil and Mercury already respectively hold or control 51.04% and 19.99% of Tilt Renewables shares.
The joint offer document as an offer will close at noon on October 15.
The offer price of $NZ2.30 represents a 24.3% premium to the closing share price of Tilt Renewables on May 11, being the last trading day before Mercury acquired a 19.99% stake in Tilt from TECT Holdings Ltd - a company owned by the Tauranga Energy Consumer Trust, for $NZ2.30/share.
“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 as well as the delivery of certain value to Tilt Renewables minority shareholders,” Infratil said on Monday.
Last week Tilt’s independent directors told shareholders to take no action until they receive an independent report being produced for the company.
UBS is acting as financial adviser to Infratil. Buddle Findlay is providing legal advice.
Companies mentioned in article