16 Apr 2021

Canadian fund bids to acquire Tilt Renewables

5:39 pm on 16 April 2021

A Canadian pension fund has put in a last-ditch offer to snap up Tilt Renewables, according to Australian media reports.

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The Australian Financial Review reports Canadian fund CDPQ has put in a bid to acquire the company for $8 per share, valuing the company at just over $3 billion, which is a 20 cent increase on the offer put forward by an Australian-dominated consortium in March.

It said Tilt's board had asked Queensland Investment Corp and AGL Energy, who were leading the consortium, to match it.

It comes after the company's shares were placed in a trading halt yesterday, ahead of a possible superior offer to buy the business.

CDPQ was one of several suitors who put in a non-binding bid to purchase the company back in February.

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