(Adds details on proposed deal, background)
Feb 21 (Reuters) - Australia's AGL Energy Ltd (AGL) on Monday rejected a A$4.94 billion ($3.54 billion) takeover offer from tech billionaire Mike Cannon-Brookes and Canada's Brookfield Asset Management BAMa.TO as undervaluing the power producer.
AGL said the proposal from the private vehicle of Australia's second-richest man and the Canadian buyout group valued it at A$7.50 per share, a 4.7% premium to the stock's Friday close.
"The proposal does not offer an adequate premium for a change of control and is not in the best interests of AGL Energy shareholders," AGL Chairman Peter Botten said.
The profits and value of AGL, Australia's biggest polluter, have shrink on government pressure to cut retail rates, waning investor appetite for coal-fired power and an influx of solar and wind energy into the grid.
Cannon-Brookes is the co-founder of software company Atlassian.
($1 = 1.3961 Australian dollars)
News: AGL UPDATE 1-AGL Energy rejects $3.5 bln bid from Australia's second-richest man, Brookfield
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Last
$9.86 |
Change
-0.030(0.30%) |
Mkt cap ! $6.633B | |||
| Open | High | Low | Value | Volume |
| $9.95 | $9.99 | $9.82 | $26.41M | 2.670M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 8 | 23824 | $9.85 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $9.89 | 5347 | 2 |
View Market Depth
| Last trade - 16.18pm 23/07/2025 (20 minute delay) ? |
| AGL (ASX) Chart |