Several posters have mentioned other potential companies which...

Currently unlisted. Proposed listing date: 25 JUNE 2025 11:00 AM AEST ##

First 6 Last

Share
Profile

Follow
Andrix

3,792 Posts.

94

17/07/20

09:51

Post #: 45927703
Share

Originally posted by Ashentegra: ↑

Today's AFR:

Iberdrola tinkers with Infigen Energy offer to speed things up

Iberdrola’s takeover of Infigen Energy is almost fully powered up – it just needs one thing: momentum.The Spanish renewables giant’s 89¢ a share offer has ticked just about every box. It was lobbed at a healthy premium, has the backing of Infigen’s board and largest shareholder as well as FIRB approval. It has also taken pesky strategic investor Infrastructure Capital Group out of the equation, and seen off rival bidder UAC Energy (for now).But with the offer due to close in two weeks – at 7pm on July 30 – and only 23.97 per cent of Infigen’s register accepting thus far, Iberdrola would want to get a wriggle on.

The logical strategy for Iberdrola to generate some deal momentum would be to waive its 50.1 per cent minimum acceptance condition.If that condition was removed, it would allow accepting Infigen shareholders to get paid their 89¢ a share straight away, rather than waiting for Iberdrola to get to 50.1 per cent minimum acceptance level.

If that was the case, shareholders could get their cash up front, in a bid that valued Infigen’s equity at a 52.3 per cent premium to its 12-month VWAP. It’s the sort of move that would normally draw hedge funds to also accept the bid.The only other potential complicating factor would be if rival suitor UAC Energy blindsided Iberdrola with a higher offer.
_____________

I see a complicating factor the journalist could have written about had they bothered to look at the market: players with considerable resources have consistently outbid Iberdola's offer - either expecting a better bid or valuing the business at more.

Why would anyone accept 89c from Iberdrola when a higher price is available on-market?

Without a higher bid, this takeover is dead in the water.

Ash\

Expand

Several posters have mentioned other potential companies which could be interested. AGL was one, which is looking for renewables assets. Or so they say.

IFN Price at posting: 90.0¢ Sentiment: Hold Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

ASX Market Close: Index treads water as Energy stocks surge | Monday June 16, 2025

Monday's HotCopper trends: 4DS falls short, $30B bid for Santos | June 16, 2025

RC1

Redcastle teams up with Terra Mining to get revenue flowing at Redcastle Reef, Queen Alexandra projects

NUZ

This stock is crafting a cure for Huntington's – and it's making progress

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

First 6 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

Several posters have mentioned other potential companies which...

Top Stories

ASX Market Close: Index treads water as Energy stocks surge | Monday June 16, 2025

Monday's HotCopper trends: 4DS falls short, $30B bid for Santos | June 16, 2025

Redcastle teams up with Terra Mining to get revenue flowing at Redcastle Reef, Queen Alexandra projects

This stock is crafting a cure for Huntington's – and it's making progress

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

Featured News