UPDATE: Infratil extends acceptance period for Tilt Renewables takeover offer

Infratil has announced an extension to the closing date for its takeover offer for Tilt Renewables. Infratil, in a joint venture with Mercury NZ, sent an offer document to Tilt Renewables shareholders last month. However, the Independent Directors of Tilt Renewables advised shareholders to not accept the takeover offer.

The offer was due to close at 11.59pm on 15 October 2018. Now, in order to allow shareholders sufficient time to accept, the offer closing date has been extended until Monday 29 October 2018. Despite the negative opinion of Tilt Renewables' Directors and the company's Independent Adviser, Northington Partners, Infratil is not altering any of the conditions of the offer.

Infratil considers the dsiputed offer price of NZD2.30 (US$1.50) to be fair and attractive compensation to shareholders for the value of the existing operational assets and the future potential of Tilt Renewables' development pipeline. The price is final and will not be increased.

Infratil's statement details that the company is not prepared to pay a significant additional premium for Tilt Renewables given the uncertainty and strong evidence of comparable market pricing for similar assets. Should the offer not reach the 90% compulsory acquisition threshold, Infratil’s view is that there is a significant risk that the Tilt Renewables share price will trade below the offer price.

UPDATE: The closing date has been extended again to 13 November 2018.