Secret disclosures sealed $18.4b Origin takeover

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Secret disclosures sealed $18.4b Origin takeover
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The bid for Origin Energy is a case study in encouraging a blockbuster takeover offer. Origin’s board and management shared critically important financial information with Brookfield and EIG before telling the ASX.

Origin Energy shared information about favourable movements in the company’s LNG hedging contracts with bidders Brookfield Asset Management and EIG before it told the market.

In other words, there was about $5.6 billion in hidden value sitting within Origin that the market failed to value. It is clear that these conversations resulted in Brookfield and EIG raising the equity component of their offer by $1.7 billion to $8.70 a share, or an enterprise value about $14.98 billion.

Origin also shared details of its energy market outlook. Neither of these pieces of information had been shared with the market.

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Secret disclosures sealed $18.4b Origin takeoverSecret disclosures sealed $18.4b Origin takeoverThe bid for Origin Energy is a case study in encouraging a blockbuster takeover offer. Origin’s board and management shared critically important financial information with Brookfield and EIG before telling the ASX.
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