29 April 2005 – Shares in Australian renewable energy group Pacific Hydro have been suspended until May 2 while talks with rival suitors continue.
Pacific Hydro, which specializes in electricity generation from wind and hydro projects, is currently the subject takeover bids from Acciona and Australian superannuation fund Industry Funds Management (IFM).
Acciona initially launched its A$4.50 a share cash bid for Pacific Hydro in March which is subsequently revised to A$4.90 and this offer was recommended by directors. This valued Pacific Hydro at A$772m based on equity value. IFM has today surpassed this bid with a A$5.00 per share offer, subject to minimum acceptance of 50.1 pert cent of shareholders. The revised IFM offer has the backing of Pacific Hydro’s independent directors.