November 22, 2022 | Energy | Australia | Ended

Origin Energy / Brookfield: Deal Insight

Origin Energy, one of Australia's largest power and gas suppliers, has received an indicative, conditional, and non-binding proposal from a consortium led by Canadian asset firm Brookfield. The target’s board confirmed on 10-Nov-22 that it would grant due diligence to the consortium, which also includes energy infrastructure investment firm EIG Partners, through its LNG company MidOcean Energy, and that it intends to recommend shareholders approve the AUD 9 per share proposal. Origin communicated that the proposal follows an earlier indicative bid from the consortium at AUD 7.95 per share on 8-Aug-22 (AUD 7.79 ex-dividend) and a subsequent proposal at AUD 8.70 to AUD 8.90 per share, before Origin agreed to grant due diligence at AUD 9. The latest bid on the table values the target at an AUD 18.4bn enterprise value and implies a 54.9% takeover premium to Origin’s unaffected closing share price on 9-Nov-22. The offer is cum dividend and includes a ticking fee, whereby if the scheme is not effective by ...

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