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Origin Energy's Bid Rejection: Shareholder Meeting Drama

Published Dec 05, 2023 02:42
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© Reuters. Origin Energy's Bid Rejection: Shareholder Meeting Drama
 
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Investors associated with (ASX: ORG) of Origin Energy have opposed an AU$10.6 billion bid from a consortium led by Brookfield, Australia's largest power retailer, during a shareholder meeting held on4 December 2023. Details displayed to attendees revealed 31.07% dissenting votes against the bid, while 66.97% favored it, falling short of the crucial 75% required for the bid's successful acquisition. The final outcome remains pending and is expected to be disclosed later on Monday.

The bid's downfall was anticipated following the stance of AustralianSuper, a significant shareholder with a whopping AU$300 billion ($198 billion) pension fund, which announced its rejection of the offer set at AU$9.39 per share. With AustralianSuper's substantial 17% ownership in Origin, it possessed the capability to hinder the bid, necessitating a minimum 75% support from cast votes for acquisition.

Notably, Origin's board had previously dismissed an alternative proposition submitted by the consortium, meant to be considered if the ongoing offer failed to materialize. Responding to the bid's potential failure, Brookfield hinted on Friday that in the event of a rejected deal, the consortium would reevaluate whether a new governmental initiative aiming to reshape energy markets adversely affected its assessment of Origin's value.

The aftermath of the investor vote witnessed a 3.9% decline in Origin's shares, culminating in a recent nine-month low for the company's stocks.

Read more on Kalkine Media

Origin Energy's Bid Rejection: Shareholder Meeting Drama
 

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