16 Dec Masdar Exit Sinks ReNew Energy Buyout Deal
(Oilandgaspress) Masdar has reportedly withdrawn from a consortium seeking to take Nasdaq-listed ReNew Energy Global private, causing the proposed buyout to collapse. ReNew said all discussions were terminated following Masdar’s exit, despite months of negotiations that raised the offer price to $8.15 per share. The consortium had included ADIA’s Platinum Hawk, CPP Investments and ReNew founder Sumant Sinha.
Following the news of Masdar’s pullout, ReNew shares fell nearly 28% in Monday’s trading to a 52-week low of $5.26.
Rothschild & Co was appointed as independent financial advisor on the offer, with Linklaters as independent legal counsel.
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