Infigen shares surge on takeover bid

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.

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