From the...

From the AFR;

https://www.copyright link/street-talk/brookfield-cannon-brookes-in-joint-bid-for-agl-energy-20220220-p59y11

Canadian asset manager Brookfield and Australian billionaire Mike Cannon-Brookes have teamed up on a joint bid for AGL Energy, and propose shutting the company’s coal-fired power stations earlier than planned.AGL’s power plants account for an estimated 8 per cent of Australia’s greenhouse gas emissions.

It is understood the pair submitted a non-binding and indicative offer over the weekend and it is being considered by AGL Energy’s board.

The bid is believed to value AGL Energy at about $8 billion, including debt. Sources said it was worth $7.50 a share, which was a less than a 5 per cent premium to AGL Energy shares’ last close.AGL’s board is due to meet on Sunday afternoon.

I'd expect a few challenging bids to rapidly appear in the next few weeks ie. Telstra, Shell, Total etc companies that are all looking for a position in the profitable Australian utilities market.

Hopefully this bid will speed things up. Can't see the board recommending the current bid. I'd personally be looking at somewhere closer to $9.50 to $10 per share.