Spain's Iberdrola and Philippines' Ayala Corp have been vying for Infigen's wind farms in Australia. Image by Mick Tsikas/AAP PHOTOS

Energy

Iberdrola waives Infigen offer conditions

2020-07-17 09:16:33

Spanish suitor Iberdrola has made its $864 million takeover offer for wind farm operator Infigen unconditional in an effort to sweeten its bid for the latter’s shareholders.

As a result, Iberdrola has waived its requirement for 50 per cent minimum acceptance of its bid.

It has also promised to make payments to shareholders within five business days of their shares being accepted.

Earlier this month, Infigen’s board recommended shareholders accept Iberdrola’s revised 89 cents a share bid over a rival 86 cents a share offer by UAC Energy, a unit of Philippines conglomerate Ayala Corp.

Infigen’s largest shareholder, UK-based investor The Children’s Investment Fund, has signed a pre-bid agreement to sell a 20 per cent stake to the Spanish energy company.

Infigen operates assets with a capacity of about 670 megawatts in NSW, SA and WA, Victoria and Queensland. It has another 700 megawatts of renewable capacity under construction.