In today’s briefing:
- Origin Energy (ORG AU): Indicative Proposal from Brookfield & MidOcean; Index Implications
- Perpetual Rejects EQT/BPEA/Regal’s Revised Offer But Seeks Pendal Merger Delay
Origin Energy (ORG AU): Indicative Proposal from Brookfield & MidOcean; Index Implications
- A Brookfield/MidOcean consortium has made a conditional, non-binding, indicative proposal to acquire 100% of the shares in Origin Energy (ORG AU) at A$9/share in cash.
- The offer values Origin Energy (ORG AU)‘s equity at A$15.5bn and is a 54.9% premium to the last close. The premium is over 50% even using longer term VWAPs.
- There will be changes to the S&P/ASX family of indices to maintain the number of index members. We will know more once an indicative timeline is published.
Perpetual Rejects EQT/BPEA/Regal’s Revised Offer But Seeks Pendal Merger Delay
- Perpetual Ltd (PPT AU) has announced – and subsequently rejected – a revised non-binding proposal from EQT/BPEA/ Regal Partners (RPL AU) of A$33/share, up from the initial Offer of $30/share.
- PPT factored in the value, high conditionality, transaction, and execution risks, and determined the proposal was not in the best interests of shareholders.
- Against PPT’s request for a delay, Pendal (PDL AU) will proceed to the first court hearing for this week to convene a Scheme Meeting, which may occur in mid-December.
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