Bidding war continues for Infigen (ASX:IFN)

Companies and indices mentioned:

The bidding war for Infigen (ASX: IFN) continues as two more bids emerged this morning.

What is Infigen?

Infigen is one of the largest renewable energy generators in Australia. It owns a portfolio of wind winds, it also sources renewable energy from a portfolio of contracted assets.

What are the latest bids?

You may remember that a few weeks ago Infigen received a takeover offer from UAC Energy (owned by a Philippine business) which has taken up a stake of more than 12%. That offer was $0.80 per share.

Iberdrola then announced a larger offer of $0.86 cash per share to outdo UAC Energy.

UAC Energy then offered $0.86 per share, but declared its offer wholly unconditional with payment terms of T+10 business days.

To counter that, it was announced today that Iberdrola has increased its offer to $0.89 per share.

Who knows if this is the final offer price or not? Infigen shareholders are steadily seeing a rising price for their shares, which hasn’t been seen for a few years – despite the strong share market during the last couple of years and high Australian electricity prices.

The Infigen share price has now reached $0.91 after rising 2.5% in early trading.

It’s interesting to see this bidding war play out during the COVID-19 pandemic. Other renewable energy shares to consider could be Mercury NZ (ASX: MCY) and Tilt Renewables (ASX: TLT).

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Disclosure: At the time of writing, Jaz doesn’t own shares in any of the businesses mentioned. 

Jaz Harrison

Jaz Harrison

Jaz is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.