Infigen (ASX:IFN) board recommends Iberdrola takeover offer

Company News

by Katrina Bullock

The board of Australia's largest listed wind farm operator, Infigen Energy (ASX:IFN), unanimously recommends that investors accept the takeover offer lobbed by Iberdrola Renewables Australia.

Infigen’s board has unanimously recommended that investors reject the competing takeover offer from UAC Energy Holdings.

The Philippine conglomerate lobbed an offer of 86 cents per share, which could not compare to Iberdrola’s all cash offer of 89 cents per share.

The transaction is conditional on Foreign Investment Review Board approval and and on Iberdrola acquiring more than 50 per cent of the company’s shares by the end of the offer period, which is currently scheduled to conclude on 30 July 2020.

Shares in Infigen Energy (ASX:IFN) are trading 0.27 per cent higher at 92 cents.

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.