Home Business Brookfield-led group’s bid for AGL Energy rejected again (NYSE: BAM)

Brookfield-led group’s bid for AGL Energy rejected again (NYSE: BAM)

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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 to A $ 8.25 / share (US $ 6.08) from A $ 7.50 / share; the revised bid, valued at A $ 5.43B (~ US $ 4B), topped a prior bid of A $ 3.54B, was rejected by the board two weeks ago.

“The revised unsolicited proposal continues to ignore the opportunity that AGL Energy shareholders have through our proposed demerger to realize potential future value,” AGL Energy Chairman Peter Botten said, referring to a potential split of its power generation and retail divisions.

Brookfield has considered spinning off its asset management business into a separate public company.

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