AustralianSuper to reject Brookfield’s revised $10.6b bid for Origin Energy

Origin Energy‘s largest shareholder AustralianSuper said on Thursday it will vote against the latest revised $10.6 billion takeover bid from a Brookfield-led consortium, reiterating its view that the offer is “substantially below” its estimate of the power producer’s long-term value.

Under the new terms, the A$9.43 per share bid remains but some investors can stay invested in the energy markets business that would be owned by Brookfield.

AustralianSuper, which owns more than 17% of Origin Energy, said the latest “low-ball offer” reaffirmed its view that the bid remained substantially below its estimate of the energy retailer’s long-term value.

“AustralianSuper is resolute the value and future value of Origin is better in the hands of AustralianSuper members and other shareholders than a private equity consortium planning to shortchange them,” the pension fund said.

A meeting in Sydney to vote on the original bid on Thursday has been delayed until Dec. 4 to consider the new offer, Origin said earlier.

Reuters

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