The takeover tussle for Tilt Renewables (ASX:TLT) continues with bidders Infratil (ASX:IFT) and Mercury NZ (ASX) hitting back at Tilt's Independent Advisor's report which claimed their offer was inadequate.
Infratil alleges the report makes assumptions about the company's value that are more favorable than market comparatives.
In response to Tilt's report Infratril has commissioned its own independent report form Grant Thornton advisory services.
Thornton's report says the weighted average cost of capital (WACC) assumed by the Independent Advisor for Tilt's operating windfarms is too low and that the implied valuation for Tilt should be between NZ$1.87 to $2.46 per share.
Tilt majority shareholders, Infratil and Mercury NZ launched $650 million takeover bid for the renewable energy company last month with a share offer price of NZ$2.30.
Shares in Tilt Renewables (ASX:TLT) are trading closed 0.47 per cent higher to $2.13.