UAC Energy Raises Offer Price in Takeover Bid for Infigen Energy
June 29 2020 - 2:23AM
Dow Jones News
By Ben Otto
UAC Energy Holdings has raised its offer in a takeover bid for
Infigen Energy, matching a competing offer from Iberdrola SA.
UAC said Monday that it would offer 86 Australian cents (59 U.S.
cents) per stapled security to acquire Infigen, up from 80 cents
previously. The new price matches a more recent offer by Spain's
Iberdrola, which valued renewable-energy provider Infigen at A$835
million.
UAC, an Australian company owned by AC Energy Group and UPC
Renewables Australia, already has an aggregate 12.82% stake in
Infigen.
UAC said its offer was unconditional, and that it would procure
the provision of an unsecured loan to Infigen to refinance its
corporate facility, if required.
"The improved UAC offer is at a compelling price equal to the
level at which the Infigen board endorsed a competitor's bid," UAC
said, and "does not have a minimum acceptance condition, and allows
security holders to accept the offer for all or part of their
stapled securities."
Infigen shares were last up 3.1% at A$0.913, taking its
year-to-date gain to 40%.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
June 29, 2020 02:08 ET (06:08 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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