AGL claims the takeover proposal ‘materially undervalues’ the company.
AGL Energy has rejected a takeover bid from tech billionaire and Atlassian co-founder Mike Cannon-Brookes and Canadian asset giant Brookfield. The Australian energy giant said the proposal, which was received on Saturday,19 January 2022, « materially undervalues » the company and would not be in the « best interests » of shareholders. Under the unsolicited proposal, which was put forward by a consortium led by Brookfield and included Grok Ventures, Cannon-Brookes’ private investment company, AGL Energy was being offered AU$7.50 per share. According to AGL, this proposal represented a 4.7% premium on AGL’s closing price of AU$7.16 per share on February 18; a 4.2% premium to the volume weighted average price (VWAP) of AU$7.201 per share since AGL’s first-year results announced on February 10; and 4.3% premium to the one-month of AU$7.
