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Tilt Renewables opens books to suitors

Takeover candidate and wind farm specialist, Tilt Renewables recently advised that it has received a number of non‐binding indicative proposals to acquire the company, following the strategic review process being conducted by Tilt Renewables major shareholder, Infratil Limited, previously announced in December.


The speculation has seen the company's share price surge by over 75% in the last three months.


The Board of Tilt Renewables reviewed the proposals and decided to grant a number of parties access to due diligence material to enable these parties to prepare binding proposals.


The Board notes that participation in Infratil’s strategic review process is not a prerequisite to it considering any proposals in respect of Tilt Renewables.


There is no certainty that Tilt Renewables will receive binding proposals or that any proposals received will be recommended to shareholders by the Board.


Tilt Renewables is being advised by Lazard as financial adviser and Russell McVeagh and Ashurst as legal advisers.


Marko Bogoievski, Infratil CEO, said “We have received strong interest in Tilt in response to our strategic review announcement in December. This is the logical next step in what is a competitive process, reflecting the strong demand globally for high-quality renewable platforms like Tilt.”


In December, Tilt announced that AustralianSuper approached Infratil proposing a scheme to acquire 100% of Infratil. Infratil rejected the proposal, noting that it materially undervalued the significant renewable energy and digital infrastructure platforms held by Infratil and contained material conditions.