Brookfield and EIG Partners have hit back in the takeover battle for Australia’s biggest utility Origin Energy, increasing their offer to $9.53 a share and declaring it their best and final bid.
The bidders put a new offer to Origin Energy overnight at $9.53 a share, an increase of about 8 per cent on their last proposal. Importantly, the bid was declared “best and final”, which means Origin Energy investors have to decide whether to take it or leave it. Brookfield and EIG cannot increase their offer again.The new bid values Origin Energy at close to $20 billion, and is at about a 70 per cent premium to where the shares were trading this time last year, before Brookfield and EIG started due diligence.
Spokespeople for Brookfield and Origin were not immediately available for comment on Thursday morning.is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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