An affiliate of Ayala-led AC Energy Inc. and its Spanish competitor are scrambling to take over an Australia-based renewable energy (RE) developer by upgrading their respective offers. In its supplementary bidder’s statement, UAC Energy Holdings Pty. Ltd. raised its offer price for its offmarket takeover bid of Infigen Energy Ltd. to 86 Australian cents from 80 Australian cents a share. UAC Energy said its proposal was now “wholly unconditional” and that it would accelerate payment terms to 10 business days. The improved offer also allows security holders to accept “all or some” of their stapled securities. Meanwhile, Iberdrola Renewables Australia Pty. Ltd., a unit of Spanish multinational electric utility company Iberdrola S.A., also raised its bid price to 89 Australian cents from 86 Australian cents per stapled security of Infigen. “A supplementary bidder’s statement and formal notices of variation to give effect to this variation to the offer will be issued shortly,” it said.
In a disclosure to the Australian Securities Exchange, Infigen advised its security holders to “take no action” and that the two proposals would remain open for some time.