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Infigen (ASX:IFN) backs new takeover offer from Iberdrola
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  • Renewable developer Infigen (IFN) has received a takeover offer from Iberdrola Renewables Australia
  • Under the offer, Iberdrola has offered to purchase the company's shares for 86 cents each
  • This follows UAC Energy Holdings' offer of 80 cents per share, launched earlier this month
  • Infigen has already backed the deal from Iberdrola and has told shareholder to take no action on UAC's offer
  • Iberdrola is a global energy leader and is the number-one producer of wind power
  • The energy powerhouse is now expected to lodge its bidder’s statement with the ASX and the ASIC
  • Infigen is up 9.39 per cent on the market this morning and is selling shares for 90 cents each

Renewable developer Infigen (IFN) has received a takeover offer from Iberdrola Renewables Australia.

Iberdrola has offered to purchase the company's shares for 86 cents each. This follows UAC Energy Holdings' offer of 80 cents per share.

Infigen has already backed the deal from Iberdrola and has told shareholder to take no action on UAC's offer.

"The Board unanimously recommends that security holders accept the offer from Iberdrola and each Director intends to accept the offer," the company told the market.

Iberdrola is a global energy leader and is the number one producer of wind power. It has over 55 gigawatts of installed capacity in Spain, U.K., U.S. and South America.

TCI funds, who is Infigen's largest shareholder, has signed a pre-bid agreement to sell 20 per cent of its 33 per cent stake no earlier than two months after the start of Iberdrola's offer.

What's next?

Iberdrola is now expected to lodge its bidder’s statement with the Australian Securities Exchange and the Australian Securities and Investments Commission.

Simultaneously, Infigen intends to write a target’s statement for shareholders in relation to Iberdrola offer.

Infigen is up 9.39 per cent on the market this morning and is selling shares for 90 cents each at 10:48 am AEST.

IFN by the numbers
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