In-play energy stock Tilt Renewables has urged shareholders to hold out for more money, saying an independent adviser has valued its shares at $2.56 to $3.01 a share.

Tilt shareholders Infratil (ASX:IFT) and Mercury NZ’s (ASX:MCY) are proposing a takeover priced at $2.30 a share.

“The Independent Adviser’s valuation confirms our view that the $2.30 takeover offer is inadequate,” the company told investors today.

Green energy company Tilt Renewables (ASX:TLT) was spun out of another Kiwi energy company, Trust Power, in 2016 with technology that tilts windmills and solar panels towards the source of generation.

Tilt today released a 128-page document with a valuation by Northington Partners.

The $2.56 valuation at the low end of the range is 11 per cent higher than the joint venture offer. “On the basis of this comparison, we conclude that the offer price is not compelling”, the report said.

Fiona Oliver, chair of the independent directors committee for Tilt, told investors it confirmed the company’s stance.

“We have always said the offer was inadequate,” she said. “We are strongly recommending shareholders reject the offer. To reject, shareholders should do nothing. They should ignore the takeover documents sent to them by Infratil and Mercury.”

Late last week, the Victorian government said Tilt’s 336 megawatt Dundonnell wind farm was one of six projects chosen in the Victorian Renewable Energy Targets (VRET) auction.