17-June-2020:  Infigen Announces No Distribution for H2FY20

Infigen (ASX: IFN) has today entered into a Bid Implementation Agreement (BIA) with Iberdrola Renewables Australia Pty Ltd (Iberdrola) under which Iberdrola will make an offmarket takeover bid for Infigen at a price of 86 cents per stapled security in cash. 

Iberdrola’s takeover offer price represents a 69.8% premium to the three month volume weighted average price (VWAP) of Infigen stapled securities prior to the announcement of a takeover offer by UAC Energy Holdings Pty Ltd (UAC) on 3 June 2020 and is at a 7.5% premium to the UAC offer.

The offer from Iberdrola follows an extended period of engagement with Infigen regarding potential cooperation or a control transaction. 

Iberdrola is a global energy leader, the number-one producer of wind power, and one of the world's biggest electricity utilities by market capitalisation. Iberdrola has over 55GW of installed capacity with leading market positions in Spain, the UK, the US and South America. Iberdrola is listed on all four Spanish stock exchanges and has an American Depository Receipt (ADR) that trades on the New York Stock Exchange. Iberdrola provides energy to 34 million customer billing points worldwide.

Iberdrola has informed Infigen that Iberdrola and Infigen’s largest security holders TCI Funds, have entered into a pre-bid agreement under which TCI Funds has agreed to sell 20% of Infigen Stapled Securities to Iberdrola no earlier than two months after commencement of the offer subject to FIRB approval being obtained and no superior proposal emerging or earlier if TCI Funds’ acceptance would result in Iberdrola having a relevant interest in more than 50% of Infigen Stapled Securities.

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Also:  Announcement Made by Iberdrola