A letter released to the ASX from Tilt Renewables (ASX:TLT) advises shareholders to no accept the takeover offer from Infratil (ASX:IFT) and Mercury NZ (ASX:MCY) for their shares.
Tilt is an electricity generation company, dual listed on the New Zealand stock exchange.
The letter from Fiona Oliver, Chair of the Independent Directors’ Committee says the offer price is too low and that it does not adequately value our existing operational assets and the potential for development.
The offer must remain open until the end of 15 October, 2018.
Shares in Tilt Renewables (ASX:TLT) shares are flat at $2.13.