The company’s profit upgrade should largely help put to bed concerns about the “knockout” bid from Brookfield and EIG failing to hold. But not completely.
Fund managers can be highly critical of the chairmen they invest in, but one of the fascinating aspects of the $18.4 billion takeover fight for Origin Energy is the seemingly universal admiration for the way Origin’s Scott Perkins has handled the deal so far.sending Origin shares higher and easing concerns about delays in due diligence by the bidders, Canadian giant Brookfield and US energy investor EIG Partners.
Not that Perkins and the board have given any impression they were ever considering such a thing. Although some target boards will sometimes sound out investors about the prospect of accepting a slightly lowered bid during an MThis, along with the distinct lack of leaks that have occurred around this bidding process, is seen by investors as further examples of the discipline with which Perkins has overseen this entire episode.
So the question becomes whether investors – and indeed the Origin board – walk away from a bid at, say $8.70? Or do they take a slightly reduced bid and avoid the risks associated with a break-up that may not deliver that level of value, recognising any bid above $8.50 would represent a strong premium to the $5.81 price Origin shares sat before the consortium’s bid was revealed?
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