New Zealand

Takeover offer for Tilt Renewables is inadequate

17 September 2018
MEDIA STATEMENT

Independent Adviser’s Report confirms takeover offer for Tilt Renewables is inadequate

The Independent Adviser has valued Tilt Renewables at $2.56 to $3.01 per share with a midpoint of $2.79.

“This is significantly higher than the offer price of $2.30 per share”, said Fiona Oliver, Chair of the Independent Directors Committee for Tilt Renewables.
“The Independent Adviser has stated that the offer price is lower than the underlying value of the company and has concluded it is not compelling.”

“The Independent Adviser’s valuation confirms our view that the $2.30 takeover offer is inadequate. We have always said $2.30 was insufficient and the recent Dundonnell announcement has only made the offer more inadequate.”

“We are strongly recommending that shareholders reject the offer. To reject the offer, shareholders should do nothing. They should ignore the takeover documents sent to them by Infratil and Mercury.”

ends

© Scoop Media

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