A tech investor’s multi-billion dollar takeover bid of one of Australia’s largest coal-fire energy companies has been flatly rejected by the board. Australian energy firm AGL confirmed that it had received a preliminary and non-binding offer to acquire all the shares in AGL at $7.5 (US$5.38) per share from investment firm Brookfield and tech billionaire Mike Cannon-Brookes— who has pledged over $500 million (US$360 million) in personal funds to fight climate change. In response, AGL Energy’s board issued a media release on Feb. 21 saying that the takeover bid undervalued the company on the basis of a change of control in AGL and was not in the best interest of its shareholders. “The proposal does not offer an adequate premium for a change of control and is not in the best interests of AGL Energy shareholders,” AGL Energy Chairman Peter Botten said. However, Cannon-Brookes, the co-founder and co-CEO of software company Atlassian, and …
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