Ann: Board rejects revised unsolicited non-binding proposal, page-10

The AGL share price has been on a downward trajectory since April 2017. Selling pressure actually picked up when AGL announced its demerger. The last time AGL's share price was above $8.25 was in mid-last year. It would seem the market is not buying the board's assertion there is so much more value to be had in AGL. By rejecting the current offer of $8.25/share the board will need to prove they made a good decision for shareholders and deliver the upside they so adamantly declare is to be had in AGL. In the end bold assertions mean nothing, actions speak the loudest and the market will ultimately decide a companies value.