Spanish suitor Iberdrola has conditionally offered to raise its bid for wind farm operator Infigen Energy in an effort to speed up acceptance from the latter’s shareholders.
Iberdrola will raise its bid to 92 cents per Infigen share, up from its previous offer of 89 cents a share, but only if it receives an additional 13 per cent of outstanding shares by July 30.
If it does receive the bid, it will automatically extend the offer period by two weeks.
By 1120 AEST, Infigen shares were up 1.9 per cent to 92.25 cents, marginally higher than the revised offer price.
Iberdrola has so far received acceptances for 4.28 per cent in Infigen. In addition, it has a pre-bid agreement with Infigen’s largest shareholder, UK-based investor The Children’s Investment Fund, for another 20 per cent stake.
The revised offer price would value Infigen at $893 million.
Infigen’s board has recommended shareholders accept Iberdrola’s revised offer.
The Spanish company has seen off a rival 86-cents-a-share offer by UAC Energy, a unit of Philippines conglomerate Ayala Corp but has failed to attract Infigen shareholders in great numbers.
UAC had also built up a 13.4 per cent stake in the renewables energy company.
Infigen operates assets with a capacity of about 670 megawatts in NSW, SA and WA, Victoria and Queensland. It has another 700 megawatts of renewable capacity under construction.