Tilt Renewables Ltd (NZX & ASX: TLT), which is resisting a full takeover bid from its two major shareholders, told the market this week that the announcement on the Dundonnell wind farm in Australia was providing proof that the bid was inadequate.
Earlier this week Tilt said it was entering a Support Agreement with the Victorian State Government for about 37% of the planned output from the fully permitted Dundonnell wind farm.
Chairwoman of the independent directors committee, Fiona Oliver, said: “This announcement re-confirms the view of the independent directors that the offer of $2.30 materially undervalues the current operational assets and the strong pipeline of future projects.”
The joint takeover bid is by the two major shareholders Infratil Ltd (NZX: IFT) and Mercury NZ Ltd (NZX & ASX: MCY).
She said that beyond Dundonnell, the company has a “significant pipeline of exciting development projects that we expect to deliver further strong shareholder returns.”
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