Hostile $777m bid for Infigen may draw rival

A real prospect of a bidding war over Infigen Energy has emerged after a Philippines-linked investment company sprang an unsolicited $777 million takeover offer on the renewable energy generator on Wednesday morning, just hours after securing a 12.82 per cent interest through an after-market share raid.

Infigen shares surged 36.4 per cent after UAC Energy Holdings, controlled by giant Philippine conglomerate Ayala Corporation, made the hostile approach, flagging an off-market bid at 80¢ a share that would have no minimum acceptance level. The stock closed just higher, at 80.5¢.