SYDNEY: Australian power producer AGL Energy Ltd AGL.AX on Monday rejected a $3.54 billion takeover offer from billionaire Mike Cannon-Brookes (pic)and Canada's Brookfield Asset Management BAMa.TO in favour of its plan of splitting in two this year.
AGL said the A$7.50 apiece proposal from Cannon-Brookes, Australia's second-richest man and co-founder of software firm Atlassian, and the Canadian buyout group was a 4.7% premium to the stock's Friday close and undervalued it.
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