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Brookfield-led group's bid for AGL Energy rejected again

Mar. 06, 2022 10:48 PM ETBrookfield Corporation (BN), AGLNF, BN:CABy: Carl Surran, SA News Editor6 Comments

AGL Energy (OTCPK:AGLNF) says it rejected a revised takeover proposal from a consortium led by Brookfield Asset Management (NYSE:BAM) and billionaire Mike Cannon-Brookes, believing it continues to undervalue the Australian power generator and retailer.

The group had sweetened its proposal

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Comments (6)

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Rizzi Capital profile picture
Obviously BAM wants a deal. By that same token, AGL is horribly managed and on the next downturn shares will drop another 50%. It might be hard for AGL shareholders and management to accept such a low offer, but honestly the company is not worth much more than that.
kboyes profile picture
Let the shareholders vote on the offer.
The directors have not quantified the value of AGL - but they are saying that even the second offer is still a a low ball offer.
So, why waste $$ & time on a shareholder vote?
Do you think the shareholders have better information on the value of the company than the directors?
Or are you of the view that having seen the value of their shares drop from AUD$27 to ~ AUD$7 over the past 5 years they will take whatever chicken feed is thrown in front of them?
@douga21 if the shares have dropped from 27 to 7, maybe the shareholders do know better than the directors
svalbard10 profile picture
@douga21 the directors may not want to give up their fat pay checks. A vote is the fairest way to go.

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