Australia-based Infigen Energy Ltd. rejected the A$777-million takeover proposal of an affiliate company of Ayala-led AC Energy Inc. and favored instead the offer of a multinational electric utility company in Spain. In a disclosure to the Australian Securities Exchange, Infigen said its board unanimously recommended its investors to turn down and “take no action” in the offer of UAC Energy Holdings Pty Ltd, a joint venture of AC Energy and UPC\AC Renewables Australia. The board instead endorsed the “friendly” bid of Iberdrola Renewables Australia Pty Ltd., a unit of Spanish power firm Iberdrola S.A., “in the absence of a superior proposal.” The disclosure comes after Infigen last week entered into a bid implementation agreement with Iberdrola Australia, in which the latter proposed a cash takeover offer for all of Infigen’s issued stapled securities at 86 Australian cents each, or A$841 million in total.