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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Infigen Energy Limited    IFN   AU000000IFN8

INFIGEN ENERGY LIMITED

(IFN)
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Infigen Energy : Gets Bid from Iberdrola, Trumping UAC Energy Offer

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06/16/2020 | 05:29pm EDT

By David Winning

SYDNEY--Infigen Energy said it will recommend a takeover offer from Spain's Iberdrola SA that values the renewable-energy provider at 835 million Australian dollars (US$575 million) and trumps an earlier bid by UAC Energy Holdings Pty Ltd.

Infigen said Iberdrola intends to offer A$0.86 per security in cash to acquire the company, representing a 7.5% premium to the earlier A$0.80/security bid by UAC Energy.

"The offer from Iberdrola follows an extended period of engagement with Infigen regarding potential cooperation or a control transaction," Infigen said in a regulatory filing.

Infigen said TCI Funds, which is its largest shareholder, has entered into a pre-bid agreement to sell 20% of its interest in the company to Iberdrola. The sale will happen "no earlier than two months after commencement of the offer subject to FIRB approval being obtained and no superior proposal emerging," Infigen said.

 

Write to David Winning at david.winning@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
IBERDROLA, S.A. -0.75% 10.6 Delayed Quote.16.34%
INFIGEN ENERGY LIMITED 0.54% 0.93 End-of-day quote.43.08%
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Financials
Sales 2021 220 M 157 M 157 M
Net income 2021 13,0 M 9,27 M 9,27 M
Net Debt 2021 401 M 286 M 286 M
P/E ratio 2021 66,1x
Yield 2021 2,16%
Capitalization 898 M 640 M 640 M
EV / Sales 2021 5,89x
EV / Sales 2022 6,27x
Nbr of Employees -
Free-Float 1,07%
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 0,90 AUD
Last Close Price 0,93 AUD
Spread / Highest target -0,54%
Spread / Average Target -2,70%
Spread / Lowest Target -4,86%
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Managers
NameTitle
Ross Kenneth Rolfe Chief Executive Officer, Executive Director & MD
Leonard Francis Gill Independent Non-Executive Chairman
Tony Clark Executive General Manager-Operations & Projects
Emma Rachel Stein Independent Non-Executive Director
David Jose Mesonero Molina Director
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