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.