The bidders for wind farm Tilt Renewables now control 83 per cent of the company, three months after launching the bid.

Kiwi power companies Infratil (ASX:IFT) and Mercury NZ (ASX:MCY) controlled 78 per cent between them when they launched the bid in August.

Tilt (ASX:TLT) has been fighting hard for a better deal than $2.30 a share, saying the way the bidders valued the company was not correct and arguing that they are worth $2.56 to $3.01 a share.

The takeover process has been characterised by lengthy back and forths from each side politely but firmly attacking each other’s business case, as opposed to attacking the individuals involved.

Last week Tilt said it was revising EBITDA (earnings before interest, tax, depreciation and amortisation) up to $134 – 138 million on strong wind production expectations.

But it also reduced the value of its Australian assets — Tilt is a New Zealand company — to about $875m, reflecting a lower outlook for Large-scale Generation Certificates (LGCs) and reduced electricity price forecasts compared to March 2017.

The bidders jumped on that news saying the reduced value of the company’s assets meant their offer was fair.

Tilt responded with a long rebuttal, saying its independent expert had indeed known about the public forecasts for LGC and energy prices when putting together its assessment, and they have demonstrated via two contract wins that they are managing risk adequately.

Tilt shares were hovering at $2.28 on Friday.

Tilt shares over the last six months.

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