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IFN - Infigen Energy News Story

A$0.93 0.0  0.0%

Last Trade - 02/11/20

Sector
Utilities
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £162.7m
Position in Universe th / 1907

UPDATE 1-Australia's Infigen Energy calls Ayala's $536 mln bid 'opportunistic'

Thu 4th June, 2020 6:06am
(Adds Infigen concerns, shares, background) June 4 (Reuters) - Australia's Infigen Energy IFN.AX said on Thursday a preliminary analysis of a A$777 million ($536 million) takeover by Philippine conglomerate Ayala Corp AC.PS showed the offer was "opportunistic" but that it was still considering the bid. Infigen's shares were slightly above the cash offer of A$0.80 a share in afternoon trade, at A$0.813, indicating market expectations for the deal to progress. urn:newsml:reuters.com:*:nL4N2DF48R The offer was made by UAC Energy Holdings, a joint venture of Ayala's AC Energy Philippines Inc ACEPH.PS and Hong Kong-based UPC Renewables Group. It already owns 12.8% of Infigen. The Sydney-based renewables firm called the proposal "opportunistic", pointing to the hit Australian energy prices have taken since the coronavirus hammered markets. It also raised concerns about whether the offer was fully-funded and noted that it was highly conditional. Infigen said the proposal included a material adverse change clause that could be triggered if profit took a hit of about A$4 million in a year due to any type of event, including those outside the company's control. urn:newsml:reuters.com:*:nL4N2BV4QW When UAC made its offer on Wednesday, the price was at a 36% premium to the last closing price of Infigen's stock. Goldman Sachs and Lazard are advising Infigen. Credit Suisse is advising UAC. ($1=1.4501 Australian dollars) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Philippines firm bids $535 mln for Australia's Infigen Energy urn:newsml:reuters.com:*:nL4N2DF48R NZ's Metlifecare notified of buyer's intention to terminate takeover bid urn:newsml:reuters.com:*:nL4N2BV4QW ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Clarence Fernandez and Christopher Cushing) ((NikhilKurian.Nainan@thomsonreuters.com; Twitter: @NikhilKurianN; +91 806 182 2724))
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