June 16, 2020 / 10:25 PM / 25 days ago

Australia's Infigen backs $569 mln offer from Spain's Iberdrola

June 17 (Reuters) - Infigen Energy on Wednesday recommended a A$827.5 million ($569.1 million) buyout bid from Spain’s Iberdrola to its shareholders, and urged them to reject an earlier offer from Philippine conglomerate Ayala Corp.

Iberdrola will pay A$0.86 a share for the Australian renewables company, a 7.5% premium to Ayala’s offer price and an almost 5% premium to the stock’s Tuesday close. ($1 = 1.4541 Australian dollars) (Reporting by Shashwat Awasthi in Bengaluru Editing by Chris Reese)

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