Spanish-owned Iberdrola make an offer for Infigen (ASX:IFN)

Company News

by Rachael Jones

Infigen (ASX:IFN) has today entered into a Bid Implementation Agreement with Iberdrola Renewables Australia under which they will make an offmarket takeover bid for Infigen at a price of 86 cents per stapled security in cash.

Iberdrola’s takeover offer price represents a 69.8 per cent premium to the three month volume weighted average price of Infigen stapled securities prior to the announcement of a takeover offer by UAC Energy Holdings two weeks ago and is at a 7.5 per cent premium to the UAC offer.

Iberdrola is a global energy leader, the number-one producer of wind power, and one of the world's biggest electricity utilities by market capitalisation.

Shares in Infigen (ASX:IFN) are trading 9.2 per cent higher at $0.90.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.