AGL -1.75%: Over the weekend, the Cannon-Brookes / Brookfield consortium increased their bid for AGL from $7.50 to $8.25 before the AGL board formally rejected the offer, saying it still undervalued the group. A few whispers circulating (not sure of accuracy) that they sounded out AGL at $9.00 and not even that was going to get the job down. Cannon-Brookes said the consortium have put their ‘pens down’ implying they were walking away, however putting ones pen down seems to imply more of a pause than a complete closure on proceedings. The AGL board are adamant the breakup strategy is the way to go, I just hope this strategy is not being deployed with self-preservation at its core. At $8.25, we were likely sellers in the Income Portfolio.
MM remains bullish AGL ~$7.30
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