AC Energy, partner start formal takeover bid of Infigen !-- -- Danessa Rivera (The Philippine Star) - June 10, 2020 - 12:00am MANILA, Philippines AC Energy Inc. and its partner raised their stake in Infigen Energy as they formally lodged their formal takeover bid on the listed Australian clean energy developer.

UAC Energy Holdings Pty Ltd., which is owned by partners AC Energy and UPCAC Renewables Australia, further raised its direct and indirect ownership in Infigen to 13.4 percent.

The company also lodged a bidder's statement with the Australian Securities and Investments Commission pursuant to an off-market takeover bid it made last week, AC Energy said in a disclosure to the Philippine Stock Exchange yesterday. Last week, the group made an all-cash tender offer for all of Infigen shares at AUD0.80 per share, or a total equity value of AUD777 million.

In a disclosure to the Australian Stock Exchange, Infigen said it received the bidder's statement from UAC Energy. It said the proposed offer is "highly conditional and includes some conditions that may never be capable of being satisfied.

" "The board recommends at this stage that security holders take no action. The board is currently considering the bidder's statement and will provide a detailed response for the benefit of security holders in Infigen's target's statement," Infigen said.

UAC Energy's tender offer for Infigen is subject to, among other conditions, approval from the Australian Foreign Investment Review Board. The outcome of the tender offer will be subject to the acceptance of any selling Infigen security holders and is expected to be a months-long process.

Infigen is a renewable energy developer, generator and retailer listed in the Australian Securities Exchange that owns and operates 670 megawatts (MW) of wind farms all over Australia, as well as gas, battery and contracted assets. The acquisition of interest in Infigen strengthens both AC Energy's and UPCAC's commitment to provide low-cost power in Australia by expanding its operating portfolio and enabling the sale of energy through retail channels.

UAC Energy is an Australian proprietary company that is 75 percent owned by AC Energy and 25 percent by UPC Renewables Australia (trading as UPCAC Renewables Australia). The investment in Infigen is a crucial move forward for AC Energy's regional expansion as it remains committed to its goal of exceeding five gigawatts (GW) of attributable capacity with 50 percent of energy generated from renewables by 2025. UPCAC, an Australian joint venture of AC Energy with the UPC Renewables Group, has been active in renewable energy development in Australia since 2017, focusing on large-scale solar, wind and pumped hydro storage.

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