Australia's biggest power producer AGL Energy rejects a second takeover offer from Mike Cannon-Brookes and his Canadian partners Brookfield Asset Management.
Australia's biggest power producer, AGL Energy, has rejected a second takeover offer from tech billionaire Mike Cannon-Brookes and his partners, Brookfield.The offer was about a 10 per cent increase on the original bid made a fortnight agoCanadian investment firm Brookfield and Mr Cannon-Brookes' Grok Ventures, made an increased offer of $8.25 a share, a 75 cent per share increase from the original $7.50 bid made a fortnight ago.
AGL's board met over the weekend and decided to reject the offer. The company is expected to make an official update to the ASX on Monday. “The Consortium is withdrawing from the process to take AGL private and believes that the company’s demerger proposal is not in the interest of shareholders, consumers or the planet," a source close to both parties said.