AGL Energy tossed out a $7.50 a share proposal from Brookfield and Mike Cannon-Brookes as expected on Monday, but the suitors are not going down without a fight.
Cannon-Brookes (or Cannon-Brookfield as he was jokingly referred to on Monday), did much of the heavy lifting, calmly talking through the consortium’s plans for AGL Energy, its power plants, its renewables investment program, jobs and the like.
While there’s a bit of scepticism about Cannon-Brookes in dealmaker land – cap, long hair etc takes some getting used to in the banker set – he seemed across the detail, and is clearly heavily involved in the bid.
Cannon-Brookes’ Grok, a small investment team of former PE and banking types, went looking for a partner for AGL late last year, with Jarden bankers in tow.
Elsewhere, TPG Capital looks like netting AustralianSuper for its pets and vets business Greencross. A consortium involving AustralianSuper is nearing a deal to inject funds into Greencross, in a recapitalisation-type play that would leave TPG in control of the business and see it take a hefty dividend cheque.
Mike Cannon-Brookes’ Grok Ventures knew that if it was serious about solving big problems to shape a better future, why not come up with a plan for Australia’s AGL Energy.
Australian capital markets gorilla AustralianSuper is in advanced talks to acquire a minority stake in TPG Capital-owned pets and vets business, Greencross.
Sydney-based online fashion retailer Peppermayo, which sells clothes, shoes and the like to women 16 to 24 years old, has a 50 per cent stake in the business up for sale via PwC.
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