The $9 a share cash offer comes after two previous lower bids by the partners, who want to spit Origin in two.
Canadian giant Brookfield Asset Management and private equity firm MidOcean Energy have lobbed a surprise $18.4 billion takeover bid for Origin Energy, after twice increasing their offer price.
The pair are offering $9 a share for Origin, after raising their initial bid from $7.95 a share. The price compares with a $5.81 close for Origin’s shares on Wednesday. Origin’s board has decided to recommend the offer to shareholders if it is firmed into a binding bid.Origin said its board has carried out limited discussions and provided information to see if the partners could develop a proposal of interest to shareholders, resulting in the latest offer.
The bidding partners would split the business, with Brookfield taking Origin’s core electricity and gas retailing and supply business, with MidOcean, an LNG company managed by private equity player EIG, taking its stake in Australia Pacific LNG.
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