Tilt Renewables has wind power generation assets in Australia and New Zealand. Photo / Supplied
Tilt Renewables has wind power generation assets in Australia and New Zealand. Photo / Supplied
Takeover candidate and wind farm specialist Tilt Renewables said it had received a number of non-binding indicative proposals to acquire the company, following a strategic review process being conducted by its major shareholder, Infratil.
The Tilt board said it had reviewed the proposals and decided to grant a number ofparties access to due diligence material to enable these parties to prepare binding proposals.
"The board notes that participation in Infratil's strategic review process is not a prerequisite to it considering any proposals in respect of Tilt Renewables," the company said.
There was no certainty that Tilt Renewables would receive binding proposals or that any proposals received will be recommended to shareholders by the board.
Last month, the Australian newspaper reported that IFM Investors is preparing a competing bid for Infratil to the one put forward by AustralianSuper.
IFM, which has around A$148 billion ($156.8b) under management, grew out of the infrastructure-focused Development Australia Fund, founded in 1990.
Today, it is collectively owned by 27 pension funds, including AustralianSuper.
Infratil's board, and one of its largest investors, Fisher Funds, have flatly rejected AustralianSuper's $5.37b offer for the ASX/NZX-listed infrastructure company, saying it undervalues its assets by a large margin.
The company owns a majority stake in Wellington Airport, half of Vodafone NZ, half of Trustpower, half of fast-growing CDC Data Centres and a number of clean-energy assets.
Shares in Tilt last traded at $6.30, having gained 76.7 per cent over the last 12 months. Infratil last traded at $7.39, up 38.6 per cent over the 12 months.
