Global Infrastructure SherpaOrigin Energy and EIG Reach Agreement on Revised Acquisition Proposal
Origin Energy backed a revised A$18.7 billion takeover offer from a consortium led by Brookfield and EIG, after an earlier bid failed to win enough shareholder support. The revised offer includes increased cash consideration.
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Revised offer includes A$9.43 per share. "Also, in the event that the scheme is not approved by the requisite majorities, there is an alternative transaction option, consisting of a sale of energy markets to Brookfield for A$12.3 billion, with a subsequent off market takeover offer by EIG for Origin, subject to a 50.1 percent minimum acceptance condition." "In the event the alternative transaction proceeds, it is proposed that shareholders would receive total cash consideration of up to about $9.082 per Origin share." Shareholder meeting moved to December 4. "Origin announced in a statement that it has received on Wednesday a non-binding and indicative proposal from the consortium to amend the current scheme."
"Australia’s Origin receives revised takeover offer from Brookfield and EIG"
"Australia’s Origin receives revised takeover offer from Brookfield and EIG"
"Australia’s Origin receives revised takeover offer from Brookfield and EIG"
"Brookfield and EIG’s LNG unit MidOcean Energy first made an offer in August last year to acquire Origin for A$7.95 cash per share."
"AustralianSuper, which has about 17 percent of shares in Origin, previously rejected the original offer and said it would vote against it."