Brookfield Asset Management and Grok Ventures (Mike Cannon-Brookes) → AGL Energy Limited
withdrawnBrookfield and Mike Cannon-Brookes' Grok Ventures jointly proposed to take AGL Energy, one of Australia's largest electricity generators and retailers, private with a plan to accelerate closure of its coal plants and fast-track decarbonisation. AGL's board rejected the initial and a sweetened follow-up offer.
The consortium wanted to accelerate AGL's transition away from coal generation toward renewables, arguing this could be achieved faster as a private company than under AGL's existing demerger plan.
AGL's board rejected both proposals as undervaluing the company on a change-of-control basis and instead pursued its own board-led decarbonisation and demerger strategy.
AGL shares jumped as much as 13% intraday to $8.09 on the initial bid news; after the consortium walked away in March 2022 following rejection of the sweetened $8.25 per share offer, Cannon-Brookes' Grok Ventures instead built an 11.28% stake in AGL on-market.
Deal mechanics
Proposed all-cash acquisition, initially $7.50 per share, raised to $8.25 per share (non-binding, never formalized)
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