Australian electricity generator AGL rejects $5.8B offer
ABC News
AGL Energy has rejected a takeover bid from Australian tech billionaire Mike Cannon-Brookes and Canadian investment firm Brookfield
CANBERRA, Australia -- AGL Energy has rejected an 8 billion Australian dollar ($5.8 billion) takeover bid from Australian tech billionaire Mike Cannon-Brookes and Canadian investment firm Brookfield, who want to accelerate Australia’s largest electricity generator’s transition away from coal-fired power.
The founder of software company Atlassian and Brookfield made the preliminary and non-binding offer of AU$7.50 ($5.39) per share on Saturday, AGL said on Monday.
The target’s board said in a statement the offer “materially undervalues the company on a change of control basis and is not in the best interests of AGL Energy shareholders.”
Cannon-Brookes said he would continue negotiating with the AGL board.
