A late bid for Tilt Renewables by CDPQ? Aussie media speculates

Tilt Renewables has been in an NZX trading halt. Photo / Supplied

Takeover target Tilt Renewables has remained in a trading halt pending the release of what could be a superior offer for the company, with Australian media speculating that Canadian pension fund CDPQ may have lodged a late bid.

Tilt went into a trading halt this week pending the release of an announcement about what could be superior scheme of arrangement for shareholders as compared to the original scheme outlined March 15.

The trading halt would remain in place until an announcement from Tilt, or market open on Monday, the NZX said.

The Australian Financial Review said CDPQ had already put in its offer.

AustralianSuper, which had eyes for Tilt when it made a play for Infratil, was also understood to be on the sidelines, the paper said.

Tilt owns the Dundonnell Wind Farm and Salt Creek project in Victoria, among other assets in Australia and New Zealand.

Last month, New Zealand's Mercury NZ and Powering Australian Renewables (PowAR) entered a scheme of arrangement, whereby Mercury would get Tilt's New Zealand assets and PowAR would get the Australian ones.

Through the arrangement, Tilt shareholders would be offered $7.80 a share, valuing Tilt at $2.96 billion.

Tilt shares last traded at $7.60, having gained 131.1 per cent over the past 12 months.