NZ Windfarms has announced a scheme implementation agreement with Meridian Energy, under which Meridian will acquire all the shares in NZ Windfarms for 25 cents per share.
This represents an equity value of approximately $91 million and a premium of 107% to NZ Windfarms' share price as of February 18, 2025.
The NZ Windfarms board has unanimously recommended that shareholders vote in favour of the scheme, subject to an independent adviser's report and the absence of a superior proposal.
The scheme is subject to shareholder and high court approval, as well as other customary conditions.
Shareholder approval will be sought at a special meeting expected to be held in May 2025.
Meridian is already the largest shareholder in NZ Windfarms and owns 50% of the joint venture for repowering NZ Windfarms' existing wind farm.
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