Iberdrola and Infigen have been in low key discussions for ~12 months or so. Iberdrola is super keen to buy Infigen, and Infigen is clearly keen on selling to Iberdrola. $0.86 / share has probably been a price-point long discussed between the two parties. I can't imagine that Infigen would instead sell to UAC at the same price-point.
Ann: UAC - Second Supplementary Bidder's Statement, page-4
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