Origin Energy’s suitors Brookfield/EIG have raised their offer for Australia’s biggest energy retailer, in a bid to getThe takeover target on Thursday said the Brookfield-led consortium has bumped up its offer from $8.91 a share to $9.53 a share.
The revised offer, now worth an extra $1.2 billion, comes after Origin’s biggest shareholder, AustralianSuper, rejected the $8.91 a share put forward by the Brookfield-led consortium.AustralianSuper, which holds a 13.7 per cent stake in Origin, on Monday said that the consortium’s offer fundamentally undervalued Origin and its assets. The Brookfield-led consortium needs 75 per cent of Origin’s shareholders to approve its offer.
Origin chairman Scott Perkins said on Thursday that the sweetened offer fully reflected the energy company’s assets and its “strategic positioning for the energy transition.”“The revised consideration is now above the top end of the independent expert’s valuation range, allowing all shareholders to receive a certain cash value for their Origin shares.”Advisory firm Grant Samuel, in its report, has valued Origin’s shares between $8.45 and $9.48 a share.
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