German wind farm developer PNE AG is giving potential buyers access to its data room, Reuters reported Sept. 18.
The company confirmed Aug. 26 that it received a takeover offer from a fund managed by Morgan Stanley Infrastructure Partners, or MSIP, of €3.50 to €3.80 per share. The company, with a market value of €265 million, tapped PwC to handle the process.
The bid from MSIP has put the wind developer on the M&A radar, and Australian infrastructure investor Macquarie Group Ltd. and Swedish private equity firm EQT IPO-EQTAB.ST have shown interest, Reuters reported, citing people familiar with the matter.
ENKRAFT, one of the largest shareholders in PNE, called the MSIP proposal "completely inadequate," saying it does not reflect PNE's portfolio and project pipeline.
In the data-room stage, potential buyers will have access to the company's records.
PNE has a wind generation pipeline of roughly 5 GW mostly in France, Germany and Turkey. The company has several projects in development in the U.S. as well, according to S&P Global Market Intelligence data.
