Australian wind energy and solar power company Infigen Energy on Tuesday recommended to its shareholders Iberdrola’s improved offer, after the Spanish company waived most of the conditions of its offer of Australian $ 856 million ($ 589 million) .
Iberdrola and rival Philippine conglomerate Ayala Corp on Monday raised their respective bids for Infigen, in a fight to grab the seven wind farms and Australia’s large number of wind power and energy power projects.
Ayala raised its offer for Infigen to A $ 0.86 per share and declared it free of all conditions, while Iberdrola raised its offer to A $ 0.89.
Infigen said on Tuesday that Iberdrola had also waived the conditions of its offer, except those to receive the approval of the Australian Foreign Investment Review Board (FIRB) and the acceptance level of more than half of the capital of the Australian company.
Infigen said he expected these two conditions to be met and urged shareholders to reject Ayala’s offer.