Origin Energy Ltd.’s top investor AustralianSuper said it will reject an improved A$19.4 billion ($12.5 billion) takeover offer from a Brookfield Asset Management Inc.-led consortium.
“The offer from the consortium remains substantially below our estimate of Origin’s long-term value,” AustralianSuper said in an emailed statement.
Brookfield and EIG Global Energy Partners earlier raised the value of their proposal by about A$1.2 billion, or 8%, to A$9.53 per share, and the deal had been unanimously recommended by Origin’s board.
(Updates with AustralianSuper statement)
