Origin Energy’s largest shareholder AustralianSuper said on Thursday it will vote against a latest revised $10.6bn 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% in 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.
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“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.
Source: Yahoo! Finance
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