Brookfield Asset Management and MidOcean Energy, an LNG company formed and managed by EIG, have launched an indicative, conditional and non-binding proposal to acquire all the issued shares in Origin Energy.
The offer was made by way of a scheme of arrangement at a price of $9 cash per share, valuing Origin at $18.4 billion on an enterprise value basis. According to the indicative proposal, Brookfield would acquire Origin’s energy markets business and MidOcean would acquire the integrated gas business.
The price payable under the indicative proposal would be reduced by the amount of any dividend paid by Origin prior to implementation of the proposed scheme of arrangement. However, if implementation occurs later than May 15, 2023, the offer price under the indicative proposal would then increase by $0.03 per month.
The latest proposal follows an earlier indicative proposal from the consortium to acquire Origin for $7.95 cash per share on Aug. 8, (equivalent to
