Spanish energy company Iberdrola and Philippines outfit UAC Energy have both updated their separate offers to takeover Australian renewables developer Infigen Energy.
Infigen said Iberdrola has varied its conditional off-market takeover offer first announced on 17 June to increase the price offered to A$0.89 (€0.54) per Infigen stapled security from A$0.86.
UAC has increased its offer first announced on 3 June to A$0.86, has removed its bid conditions and accelerated the payment terms to Infigen security holders who validly accept the revised offer.
Infigen’s board advised its security holders to “take no action” at this time because both revised offshore will remain open for some time.
The UAC offer is open until at least 7pm Sydney time on 24 July, while Iberdrola’s will remain open until at least the same time on 30 July.
“The board is currently considering developments and will provide a detailed response for the benefit of Infigen security holders in a supplementary target’s statement in respect of the UAC Offer and a target’s statement in respect of the Iberdrola offer,” Infigen said.