In March this year, Tilt Renewables announced it had received a $2.75b joint takeover offer from AGL and Mercury NZ, with the plans to split the business into their Australian and New Zealand counter parts. However, in mid April the AGL/Mercury consortium upped their game and put forth a $2.83b offer to directly fend off CDPQ (a Canadian pension fund), who came out with a competitive takeover offer of $7.39 AUD per share.
The revised AGL/Mercury bid came with the condition that Tilt Renewables are not to consider any other “competing proposals“, and will ultimately place the AGL/Mercury consortium in prime position, as it will ensure the assets remain under local ownership.
The deal aims to be finalised in August this year, with Tilt shareholders voting on the proposal in July.