Spanish utility Iberdrola has raised its takeover bid for Infigen Energy to 89 cents a share, after rival bidder UAC, a unit of Philippines conglomerate Ayala Corp, raised its offer to 86 cents.
Shares in Infigen surged about 50 per cent this month after it first received an 80 cents-a-share offer from UAC, followed by a n 86 cents a share offer from Iberdrola.
Australia’s largest listed wind farm operator has previously recommended Iberdrola’s offer while rejecting UAC’s bid.
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