According to people familiar with the matter, Origin Energy Ltd. is considering postponing shareholders' voting on the $19 billion ($12.5 billion) takeover offer it has received. Brookfield Asset Management Inc. (Brookfield Asset Management Inc.) and EIG Global Energy Partners issued this acquisition offer to Origin.
One of the people familiar with the matter said that the board of directors of Origin, Australia's largest energy supplier, is discussing whether to postpone the shareholder vote to evaluate the alternative proposals put forward by the consortium. Voting is scheduled to take place on Thursday at 2 p.m. Sydney time.
The Australian Securities Exchange said in a statement on Thursday that Origin shares will be suspended until an announcement is published.
People familiar with the matter said that relevant discussions are still ongoing, and voting may still be held as scheduled. The Australian Financial Review reported earlier that the consortium had submitted a revised offer and the vote could be delayed.
The potential delay in the process could give Bofeng Foundation more time to talk to other major shareholders after AustralianSuper opposed the deal and vowed to vote no. Origin's largest shareholder, AustralianSuper, raised its shareholding ratio to around 16.5% last week, saying the purchase price was far below Origin's long-term value.
Australian regulations require at least 75% of participating shareholders to approve takeover offers. This means that 16.5% of objections are usually enough to stop a deal since not all retail investors usually vote.