Shares in energy provider Infigen have surged by more than 35 per cent after a $777 million takeover bid from investment group UAC Energy Holdings.
UAC, majority-owned by AC Energy Group, is offering 80 cents per Infigen stapled security.
UAC says this is a 43.4 per cent increase on the one-month volume weighted average price of 56 cents.
AC Energy is a subsidiary of Ayala Corporation, listed on the Philippines Stock Exchange.
Australia’s Foreign Investment Review Board must approve any deal.
The Infigen board is considering its response to the offer.