Mercury agrees to buy 19.99% of Tilt from Tauranga Trust for 24% premium of $2.30 a share

Sun, 13 May 2018

By Jonathan Underhill May 14 (BusinessDesk) - Mercury NZ agreed to buy 19.99 percent of Tilt Renewables from the Tauranga Electricity Consumer Trust for $144 million, or $2.30 a share, a 24 percent premium to its last trading price. Auckland-based Mercury said it has a six-month option to buy the trust's remaining 6.8 percent holding in Tilt at the same price, in a transaction it says must be compliant with the New Zealand Takeovers Code. Under the code, a full takeover offer is typically triggered if an investor wishes to lift its stake...

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