Origin Energy’s $18.7 billion takeover offer from two North American suitors has been deemed in the best interests of shareholders by an independent expert, despite resistance to the offer price by several major investors.
The expert, Grant Samuel, valued Origin shares at between $8.45 and $9.45, a range that comfortably covers the offer price of about $8.81 a share from Canada’s Brookfield and US-based EIG.Oscar Colman However, the traded price of Origin shares last week surged above the offer price for the first time after
, and has largely held its ground, implying pressure on the bidders to sweeten their offer. The Origin board has already agreed to the offer price, subject to the independent expert’s valuation.In documentation released on Thursday, Origin chairman Scott Perkins noted the 40¢ gap between the traded price and the offer price, and reiterated that if the deal is voted down, Origin shares may drop.
writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables.
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