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.