AGL Energy Rejects Sweetened Takeover Bid From Brookfield-led Consortium

(RTTNews) - AGL Energy Limited (AGK.AX, AGLNF.PK) said that it has rejected a sweetened A$8.25 per share takeover bid from a consortium led by Brookfield Asset Management Inc and including Grok Ventures, saying the offer continued to undervalue the Australian power company.

The revised proposal represents a 15.2% premium to the closing price of AGL Energy of $7.16 on 18 February 2022.

AGL Energy said in late-February that it rejected A$7.50 per share offer from the consortium led by Brookfield Asset Management.

Peter Botten Chairman of AGL Energy, which announced a split of its power generation and retail divisions last year, said Monday, "The Revised Unsolicited Proposal continues to ignore the opportunity that AGL Energy shareholders have through our proposed demerger to realise potential future value."

AGL Energy noted that it continues to pursue and intends to recommend shareholders approve the previously announced demerger and believe this to be the value maximizing strategy for AGL Energy shareholders.