Why the Tilt (ASX:TLT) share price just broke its record high

The Tilt (ASX: TLT) share price is up today after the company announced it has received takeover approaches. We take a closer look.

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The Tilt Renewables Ltd (ASX: TLT) share price broke its all time record high today as the company announced that it had received non binding offers regarding its acquisition.

Shares in the renewable energy operator reached $6.5 earlier today, taking the company to its highest price since its listing in 2018.

Currently, the Tilt share price is trading 1.17% higher at a price of $6.07.

Why is the Tilt share price pushing higher?

In today's release, Tilt advised that it has received non binding offers to acquire the company from a number of parties. This comes after its major shareholder, Infratil Ltd (ASX: IFT), recently completed a strategic review of the company. Infratil mentioned that it welcomed the proposals to acquire the company.

Moving forward, the Tilt board will provide a number of parties access to due diligence material to enable them to prepare binding proposals. However, as yet no decision has been made in relation to Infratil's shareholding of Tilt.

Tilt advised that participation in Infratil's strategic review process is not a prerequisite to it considering any proposals.

The board also noted that this is still early in the process and there is no certainty that Tilt will receive any binding proposal or that any proposals received will be recommended by the board.

Infratil management comments

Infratil CEO Marko Bogoievski welcomed the update, saying:

We have received strong interest in Tilt in response to our strategic review announcement in December. This is the logical next step in what is a competitive process, reflecting the strong demand globally for high quality renewable platforms like Tilt.

About the Tilt share price

Tilt is an Australian and New Zealand owner and operator of wind farms and and solar infrastructure. Most of the company's assets are located in Australia south-east, which boasts the most favourable wind conditions in the country. Tilt also has operating assets located in New Zealand.

Shares in the company have performed well recently, gaining 81% in the last six months. 

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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