Update on acquisitions of ASX-listed renewables developers

Sydney-based renewables company Infigen Energy received on Tuesday an official bidder’s statement from Philippines-linked investment company UAC Energy Holdings urging shareholders to accept its all-cash bid of $0.80 a share. Following a preliminary analysis, Infigen termed the $777 million bid announced last week as “opportunistic” and “highly conditional”.

Nonetheless, the company is still considering the offer and has recommended shareholders to take no action at this stage. The offer was made by UAC Energy Holdings, a joint venture of Ayala’s AC Energy Philippines Inc and Hong Kong-based UPC Renewables Group, after the consortium already took a 12.8% stake in the target company through an on-market raid last week. On Tuesday this week, UAC increased direct and indirect stake in Infigen to 13.40%, after securing an additional 5.6 million shares.

Read more: https://www.pv-magazine-australia.com/2020/06/11/update-on-acquisitions-of-asx-listed-renewables-developers/

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