15 Apr 2021

Trading in Tilt Renewables shares halted ahead of potential takeover bid

11:34 am on 15 April 2021

A better takeover bid may be in the offing for energy company Tilt Renewables.

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Photo: 123rf

Trading in the company's shares has been halted at the company's request, ahead of an announcement of a possible superior offer being made.

Last month a coalition of Australian investors and Mercury Energy combined to make a near $3 billion offer for Tilt.

That deal would see several Australian companies - collectively called PowAR - take control of Tilt's four Australian windfarms, while Mercury will buy the four New Zealand farms for $770m.

In February, Tilt said it had received several non-binding bids from would-be buyers, and media speculation named Australian Super, Canadian pension fund CDPQ, and Australian energy company APA as all having shown interest.

Australian Super made an unsuccessful $5.4 bn offer last December for utilities investor Infratil, Tilt's majority owner.

The trading halt on Tilt will stay in place up to Monday 19 April unless an announcement is made earlier.