(Reuters) - Power utility companies Infratil Ltd <IFT.NZ> and Mercury NZ <MCY.NZ> on Wednesday made an offer to buy the remaining shares in wind farms owner Tilt Renewables <TLT.NZ> for NZ$208.5 million ($136.98 million).
The deal is for an offer price of NZ$2.30 per share and represents a premium of 8.0 percent over the last closing level of Tilt's shares.
Infratil and Mercury, who already respectively hold 51.04 percent and 19.99 percent of Tilt, said they intended to privatise Tilt upon acquisition.
Tilt acknowledged the offer in a separate statement and advised shareholders to take no action.
Funding of NZ$208.54 million is needed to buy the remaining stake and Infratil said it intends to fund the deal using existing cash and debt facilities.
Shares of Tilt rose 5.6 percent and hit its highest level in well over a year amid a largely flat overall market. <.NZ50>
(Reporting by Devika Syamnath in Bengaluru)
