The bid went in on Saturday, AGL Energy’s board met on Sunday afternoon, and we expect it will be disclosed and rejected on Monday morning. Macquarie Capital is in AGL’s camp. We revealed it on Sunday.
The offer, at a 4.7 per cent premium to the last close and 20 per cent more than the 30-day VWAP, is likely to be labelled as undervaluing the company. The ball will then be back in Brookfield and Cannon-Brookes’ court, to prove otherwise.
It’s a fascinating situation. AGL Energy has to do something, and it is. It is proposing to hive off its coal-fired power generators into Accel Energy, and hand it to shareholders.
Brookfield, which has former Bank of England governor Mark Carney working on the bid, and Atlassian’s Cannon-Brookes have pounced ahead of that date, with a list of reasons why they think they are better equipped to manage the transition.
Gold Coast-based racing and flight simulators company Next Level Racing has kicked off a pitch to private equity groups, cross over venture capital funds and rivals, in an effort to secure a material growth funding round.
