(Recasts with Iberdrola's new offer)
June 29 (Reuters) - Spain's Iberdrola IBE.MC raised its bid for Infigen Energy (IFN) by three cents a share on Monday, upping the ante in its race against Philippine conglomerate Ayala Corp AC.PS to buy the Australian renewables firm.
Iberdrola raised its offer price to A$0.89 per share, marginally above Infigen's Friday close of A$0.885, valuing the wind and solar firm at A$856.3 million ($587.6 million).
The increased offer came minutes after Ayala had declared its bid unconditional by removing riders proposed in its initial A$0.80 per share approach, which had irked Infigen.
The Australian company was already backing a higher, less conditional offer from Iberdrola before the Spanish company lodged a fresh bid on Monday.
Analysts had forecast a bidding war as the firms look to bag Infigen's seven wind farms and a large pipeline of projects which are currently on hold.
Its stock has jumped 50% since Ayala's bid on June 3 and continues to trade above the Philippine firm's offer price. ($1 = 1.4584 Australian dollars)
(Recasts with Iberdrola's new offer) June 29 (Reuters) -...
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Last
$1.20 |
Change
0.000(0.00%) |
Mkt cap ! $162.1M | |||
| Open | High | Low | Value | Volume |
| $1.20 | $1.20 | $1.20 | $12.63K | 10.52K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 2420 | $1.18 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.25 | 14668 | 1 |
View Market Depth
| Last trade - 14.54pm 25/07/2025 (20 minute delay) ? |
| IFN (ASX) Chart |