Australia’s Infigen picks $569m offer from Spain’s Iberdrola over Ayala bid

Wind turbine. Photo: Pixabay

Infigen Energy Ltd recommended on Wednesday an A$827.5 million ($569.1 million) buyout bid from Spain’s Iberdrola to its shareholders, and urged them to reject an earlier offer from Philippine conglomerate Ayala Corp.

Iberdrola’s offer is part of its strategy to expand in renewable energy worldwide.

The bids for Infigen come at a time when wind and solar firms are battling falling power prices and as the coronavirus pandemic makes company valuations cheaper.

Iberdrola will pay A$0.86 a share for Infigen, a 7.5% premium to an offer made by UAC Energy Holdings, a joint venture of Ayala’s AC Energy and Hong Kong-based UPC Renewables Group earlier this month.

The Spanish firm’s bid price is almost 5% higher than the stock’s Tuesday close.

Infigen had labelled Ayala’s approach “opportunistic” just a day after it introduced its offer, and raised concerns over it being highly conditional and its means of funding.

“Iberdrola’s offer is less conditional overall than UAC’s offer, including not being subject to the due diligence and disclosure conditions contained in the UAC offer,” Infigen said in a statement on Wednesday.

A spokeswoman for UAC was not immediately available for comment.

Reuters

 

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.