July 17 (Reuters) - Philippine conglomerate Ayala Corp
AC.PS said it would not improve its takeover offer for
Australia's Infigen Energy IFN.AX further after a month-long
bidding war for the wind and solar firm.
The announcement comes a day after rival Spanish power
generation company Iberdrola IBE.MC said its offer for Infigen
Energy, due to close on July 30, was now unconditional. Infigen
has asked its shareholders to reject the Ayala bid. Infigen shares closed at A$0.90 on Friday, marginally above
Iberdrola's offer as investors hoped for a higher bid to emerge
from UAC Energy Holdings, a joint venture of Ayala's AC Energy
ACEPH.PS and Hong Kong-based UPC Renewables Group.
Iberdrola's offer was backed by Infigen in June after it
improved its offer by 3 cents to A$0.89 a share, valuing the
company at A$856 million ($598 million). The bid was approved by
Australia's Foreign Investment Review Board.
UAC Energy said it made no final decision regarding its
stake in Infigen when its offer closes.
($1 = 1.4310 Australian dollars)