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Investing.com -- ReNew Energy Global Plc (NASDAQ:RNW) stock rose 3% on Tuesday after the company announced it has reached an agreement in principle on key financial terms for a possible cash buyout offer of $8.15 per share.
The offer comes from a consortium including Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk (a wholly owned subsidiary of the Abu Dhabi Investment Authority), and ReNew’s Founder, Chairman and CEO Sumant Sinha.
The proposed buyout price represents a 28.5% premium to ReNew’s undisturbed share price of $6.34 on December 10, 2024, before the initial non-binding proposal became public. It also marks a 41.5% premium to the 30-day volume-weighted average price of $5.76 per share as of December 10, and a 15.3% increase from the initial non-binding proposal.
The Special Committee of ReNew, led by Lead Independent Director Manoj Singh, has indicated it would unanimously recommend shareholders vote in favor of the offer should a final binding offer be made on these terms, subject to agreement on all other terms and conditions.
JERA Nex, which owns approximately 11.6% of ReNew’s issued share capital and 25.7% of shares not already owned by the Consortium, has indicated it is "currently minded to vote in favor" of the offer should it proceed to a scheme of arrangement vote.
The transaction remains subject to reaching agreement on other terms and conditions, regulatory clearances, and completion of confirmatory due diligence from the Consortium.
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