AGL Vitality (OTCPK:AGLNF) says it rejected a revised takeover proposal from a consortium led by Brookfield Asset Administration (NYSE:BAM) and billionaire Mike Cannon-Brookes, believing it continues to undervalue the Australian energy generator and retailer.
The group had sweetened its proposal to A$8.25/share (US$6.08) from A$7.50/share; the revised bid, valued at A$5.43B(~US$4B), topped a previous bid of A$3.54B, was rejected by the board two weeks in the past.
“The revised unsolicited proposal continues to disregard the chance that AGL Vitality shareholders have via our proposed demerger to understand potential future worth,” AGL Vitality Chairman Peter Botten stated, referring to a possible cut up of its energy technology and retail divisions.
Brookfield has thought of spinning off its asset administration enterprise right into a separate public firm.
