News: AGL UPDATE 1-Australia's AGL Energy shuns second bid from Brookfield-led consortium in 2 weeks

(Adds chairman quote, details)

March 7 (Reuters) - Australia's AGL Energy (AGL) on Monday said they have rejected a sweetened A$8.25 apiece takeover bid from tech billionaire Mike Cannon-Brookes and Canada's Brookfield Asset Management BAMa.TO , saying it continued to undervalue the power producer.

The revised deal was valued at A$5.43 billion ($4.00 billion), topping a prior bid of A$3.54 billion, which was rejected by the board on Feb. 21.

Peter Botten, chairman of the beleaguered company, which has been mulling a split of its power generation and retail divisions since last March, said the revised proposal "continues to ignore the opportunity that shareholders have through our proposed demerger."

AGL deemed the revised proposal "materially the same" as the unsolicited bid rejected by the board on Feb. 21, citing similar reasons.

The revised indicative offer price is at an 11% premium to the stock's Friday close.

AGL's earnings have been hammered in recent years by an influx of cheap solar and wind power. That has made coal-fired plants less viable. At the same time the government has forced utilities to slash power prices to households and businesses.

The company said it continues to pursue and intends to recommend shareholders approve the previously announced demerger. ($1 = 1.3570 Australian dollars)