Origin Energy’s top shareholder opposes Brookfield’s $9.8-billion takeover offer

consortium’s A$15.35 billion takeover offer for the company, casting doubt on the bid’s future weeks ahead of a shareholder vote on the deal.

AustralianSuper, which first went public with its concerns about the price last month, is not alone. Fund manager Perpetual told local media last month the deal undervalued Origin. Perpetual did not respond to a request for comment on Tuesday. Brookfield-consortium’s offer price has been deemed fair by an independent expert’s report, however, it outlined a “roll forward” calculation that says Origin’s shares could be worth an additional 40 Australian cents by the time a potential takeover is due to occur.

“Given that AusSuper felt the need to go public it suggests that maybe they’re not that close to a deal. It’s hard to say definitively that the takeover won’t happen as someone could still blink before the vote but it’s not a good sign.”

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