Australian power producer AGL Energy Ltd on Monday rejected a $3.54 billion takeover offer from billionaire Mike Cannon-Brookes and Canada's Brookfield Asset Management in favour of its plan of splitting in two this year.
Offer was at a 4.7% premium to AGL's last closeFeb 21 - Australian power producer AGL Energy Ltd on Monday rejected a $3.54 billion takeover offer from billionaire Mike Cannon-Brookes and Canada's Brookfield Asset ManagementAGL said the A$7.50 apiece proposal from Cannon-Brookes, Australia's second-richest man and co-founder of software firm Atlassian, and the Canadian buyout group was a 4.7% premium to the stock's Friday close and undervalued it.
Cannon-Brookes' investment vehicle, Grok Ventures, and Brookfield did not immediately respond to a request for comment. The Australian Financial Review had reported on Sunday that the parties made a joint bid for AGL which included plans to halt its proposed split into a bulk power generator and a carbon-neutral energy retailer.
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