The implosion of the governance structure at AGL Energy has opened the way for Mike Cannon-Brookes to control its future.
Mike Cannon-Brookes could soon cement a position as the greatest corporate raider to have stalked an ASX-listed company.will, in one fell swoop, overshadow the mighty takeover titans who have graced the pages ofMike Cannon-Brookes has put the old takeover raiders in the shade.None of the following corporate raiders – Robert Holmes a Court, Alan Bond, John Elliott and John Spalvins – were able to take control of a company with just 11 per cent of the issued capital.
It has cost him $600 million to arrive at this incredibly powerful position. But that is peanuts compared to what he would have had to pay to make a takeover with a full 30 per cent premium. The demise of the board of Ardent Leisure following an attack by Weiss is comparable to what Cannon-Brookes is doing with AGL given Weiss’ Ariadne only owned 10 per cent of Ardent’s issued capital.
After digging back through the archives, Chanticleer found an activist shareholder campaign by Sandon Capital that forced a change of control of the board with an equity position of about 5 per cent of the issued capital.But the company involved, Coventry Group, had a market capitalisation of $116 million. The overarching message from that situation was that it has taken almost a decade to knock the company into shape.
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