Masdar-led consortium makes fresh offer to India's ReNew Energy
The latest offer by the consortium is looking to acquire the entire share capital of the Nasdaq-listed ReNew for $8.00 per share, up 13.2% from a $7.07 per share offer made on December 10.
The latest offer could see the deal valued at $3.19 billion. At the time of the initial offer, Reuters valued the deal at $2.82 billion.
'The final non-binding offer represents a 26.2% premium versus the undisturbed share price of $6.34 on December 10, 2024, being the closing share price prior to the initial non-binding proposal becoming public and a 38.9% premium to the 30-day volume-weighted average price of US$5.76 per share (as of December 10, 2024),' ReNew said in a SEC filing.
ReNew operates 10.3 gigawatts (GW) of solar, wind, hydro and hybrid projects across India. As the country's second largest clean energy generator after Adani Green, ReNew saw its stock surge to a 52-week high of $7.67 on July 3, aligning with the improved offer, and implying investor optimism.
According to LSEG data, CPP Investments and ADIA are the top two investors in ReNew, with Goldman Sachs listed as an early investor before selling its entire stake prior to the company going public in 2021.
The company's board of directors have formed a special committee to consider the proposals. Rothschild & Co has been appointed as independent financial advisor on the offer, with Linklaters LLP as independent legal counsel.
(Reporting by Bindu Rai, editing by Seban Scaria)
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