ORG +34.77%: shares in the energy retailer surged today after announcing Brookfield had put forward a $9/sh takeover offer. The takeover values Origin at $18.4b in a huge deal that would see the Canadian PE company partner with European energy investor EIG. The bid was a 54.9% premium to yesterday’s close with Origin’s board indicating they would accept the deal, granting the consortium exclusive due diligence. Shares still closed around 15% below the offer price after today’s surge.
The bid for ORG highlights the embedded value in the sector
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