Some believe Brookfield and Mike Cannon-Brookes are just biding their time before they pounce when the planned demerger potentially falls apart.
Brookfield and Mike Cannon-Brookes are still pursuing ambitions to take over AGL Energy, despite walking away from, contacting shareholders on Monday to garner support and stoke doubts about the board’s alternative demerger plan.
“I do think the board should open up its books for the consortium to review them, so that they can make a reasonable estimate of the price of AGL,” said Jamie Hannah at VanEck, which owns 0.6 per cent of the register. Mr Cannon-Brookes, the co-founder of Atlassian, took to Twitter to reveal the decision, noting the demerger path set AGL on “a terrible outcome for shareholders, taxpayers, customers, Australia and the planet we all share”.The comments pile more pressure on the giant electricity and gas supplier’s controversial plan to divide its business between coal power-heavy Accel Energy and retail-focused AGL Australia.
Mr Cannon-Brookes pointed out in a series of tweets that the latest offer price was “46 per cent more than the price of $5.55 about 90 days ago”. AGL shares hit 20-year lows below $5.50 in the second half of November, but have recovered as wholesale power prices increased.
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