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Origin Energy (OTCPK:OGFGF) said Thursday the revised buyout proposal from the consortium led by Brookfield Asset Management (NYSE:BAM) (NYSE:BEP) and EIG Global Energy Partners is not in the best interest of its shareholders.
Brookfield’s (BAM) (BEP) offer is “incomplete, complex, highly conditional, and does not provide sufficient certainty,” the Australian power company said.
The newer bid, offered earlier this month, proposes the sale of Origin’s (OTCPK:OGFGF) energy markets business to Brookfield (BAM) (BEP) for A$12.3B (~US$8B) with a separate off-market takeover offer by EIG.
Origin (OTCPK:OGFGF) said a shareholder vote on the consortium’s original A$19B takeover proposal, which it favors but is opposed by its largest shareholder, would proceed as planned on December 4; the alternative plan was floated in the event the original proposal fails.