HomeMarket NewsOrigin Energy's Shareholders Stand Firm in Rejecting Brookfield's Offer

Origin Energy’s Shareholders Stand Firm in Rejecting Brookfield’s Offer

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Origin Energy (OTCPK:OGFGF) has emphatically dismissed the revised buyout proposal from the team helmed by Brookfield Asset Management (NYSE:BAM) (NYSE:BEP) and EIG Global Energy Partners. In a stirring statement issued on Thursday, the Australian power company declared that the consortium’s offer is not in the best interest of its valued shareholders.

Resolutely laying down the gauntlet, Origin Energy (OTCPK:OGFGF) lambasted Brookfield’s (BAM) (BEP) offer as β€œincomplete, complex, highly conditional, and does not provide sufficient certainty.”

In a surprising twist earlier this month, Brookfield (BAM) (BEP) presented a new bid, proposing the sale of Origin’s (OTCPK:OGFGF) energy markets business to Brookfield (BAM) (BEP) for a staggering A$12.3 billion (~US$8 billion), coupled with a separate off-market takeover offer by EIG.

As the tension mounts, Origin (OTCPK:OGFGF) has stood firm, confirming that a crucial vote on the consortium’s initial A$19 billion takeover proposal, slated for December 4, will proceed as planned. This decisive move comes despite the opposition from its largest shareholder, further fortifying Origin’s unwavering stance in safeguarding the interests of its shareholders.

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