Origin Energy’s shareholders are backing its decision to share confidential information with bidders Brookfield Asset Management and EIG ahead of disclosing to its 140,000-strong investor base.
about favourable movements in its LNG hedging contracts with bidders Brookfield Asset Management and EIG ahead of disclosing to its 140,000-strong investor base.Chanticleer reported that in October Origin told bidders
However, before this happened, Brookfield and EIG signed standstill and non-disclosure agreements and had already lobbed two bids at $7.95 and $8.70 a share and had them rebuffed, it said. “As meaningful shareholders, we would characterise the board’s approach and process to ultimately land a bid at $9 as world-class,” they said.
“If Brookfield had acted on that information and bought shares on market, that would have been a problem, but that is not what happened,” Mr Kavanagh said.ASX-listed companies’ responses to takeover interest can vary widely, but it is common practice for suitors to seek more information than is publicly available to either increase or firm up their offers.
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