(Adds Infigen concerns, shares, background)
June 4 (Reuters) - Australia's Infigen Energy IFN.AX said
on Thursday a preliminary analysis of a A$777 million ($536
million) takeover by Philippine conglomerate Ayala Corp AC.PS
showed the offer was "opportunistic" but that it was still
considering the bid.
Infigen's shares were slightly above the cash offer of
A$0.80 a share in afternoon trade, at A$0.813, indicating market
expectations for the deal to progress. The offer was made by UAC Energy Holdings, a joint venture
of Ayala's AC Energy Philippines Inc ACEPH.PS and Hong
Kong-based UPC Renewables Group. It already owns 12.8% of
Infigen.
The Sydney-based renewables firm called the proposal
"opportunistic", pointing to the hit Australian energy prices
have taken since the coronavirus hammered markets.
It also raised concerns about whether the offer was
fully-funded and noted that it was highly conditional.
Infigen said the proposal included a material adverse change
clause that could be triggered if profit took a hit of about A$4
million in a year due to any type of event, including those
outside the company's control. When UAC made its offer on Wednesday, the price was at a 36%
premium to the last closing price of Infigen's stock.
Goldman Sachs and Lazard are advising Infigen. Credit Suisse
is advising UAC.
($1=1.4501 Australian dollars)
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Philippines firm bids $535 mln for Australia's Infigen Energy
Metlifecare notified of buyer's intention to terminate
takeover bid ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>