Tilt remains independent after winning fight against hostile bidders
Wind farm builder Tilt Renewables has beaten its hostile suitors off after a strong campaign fought out in ASX releases.
Today one of its bidders, Infratil (ASX:IFT), updated its shareholder notice from 85 per cent back down to 65 per cent — its holding before the takeover bid was launched in August.
Together Infratil and its co-bidder Mercury NZ (ASX:MCY) went into the offer with 70 per cent of the company, but struggled to convince shareholders to accept.
They extended the offer the maximum three times allowed under New Zealand law — where all three companies are incorporated — and the last day was November 30.
Tilt persistently said the bidders undervalued its assets with the $2.30 offer and in spite of the bidders starting from a position of joint majority control, urged shareholders to remain true to the vision.
It now plans to launch a capital raising to partially fund the $560m Dundonnell wind farm project in Victoria, which Tilt expects to be the jewel in its portfolio.
Already 87 per cent of power from the 336MW farm has been contracted, and construction is to start next year.
Tilt shares are still at the $2.30 mark, in spite of the takeover offer falling through.