The $3.15 per share cash offer has been recommended to shareholders after it fell within their evaluation range of $2.95 and $3.25.

The deal needs the approval of shareholders at the extraordinary general meeting to be held in Melbourne on July 10, and if approved the deal could be completed by July 31.

The complex scheme will see Alinta become the controlling shareholder and emerge as a significant Victorian electricity and gas retailer with about $4 billion of energy assets.

The $3.15 offer values United Energy at about $1.3 billion.