AustralianSuper, which had eyes for Tilt when it made a play for Infratil, was also understood to be on the sidelines, the paper said.
Tilt owns the Dundonnell Wind Farm and Salt Creek project in Victoria, among other assets in Australia and New Zealand.
Last month, New Zealand's Mercury NZ and Powering Australian Renewables (PowAR) entered a scheme of arrangement, whereby Mercury would get Tilt's New Zealand assets and PowAR would get the Australian ones.
Through the arrangement, Tilt shareholders would be offered $7.80 a share, valuing Tilt at $2.96 billion.
Tilt shares last traded at $7.60, having gained 131.1 per cent over the past 12 months.