![]() ![]() That would take the price to around $9.18. “Should Origin receive any proposals which the board considers may lead to a superior outcome for Origin shareholders, these will be evaluated.”Īnd if the deal is not done in seven months – by May 15 next year – the offer price will rise by 3 cents a month. “Due diligence is expected to complete within eight weeks,” Origin said in a statement to the ASX on Thursday morning. Origin is not only an electricity and gas producer distributor and retailer, but is part of a Queensland-based LNG export consortium, as well as a growing provider of power from renewables such as solar, batteries and wind.ĭirectors said they would recommend shareholders vote in favour of the proposal if no higher bid emerges. In backing the offer, Origin opened its books to the consortium for due diligence after it raised its offer to $A9 a share which was a knock out near 55% premium to Origin’s Wednesday’s close of $A5.81. The shares ended up more than 34% at $7.83 after touching a day’s high of $8.15 in response to the cash bid at $9 a share, which is the highest Origin shares have been since early 2018. Shares in Origin Energy jumped 40% at one stage yesterday after directors supported an $A18.4 billion non-binding buyout offer from a consortium led by Canada’s Brookfield Asset Management that will see the company split the company in two if it succeeds.
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