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In the energy domain, Baytex Energy (NYSE:BTE) Corp.’s stock witnessed a modest increase. However, this was offset by slight declines in shares of Gear Energy Ltd. and Calibre Mining Corp. Additionally, Tamarack Valley Corp. also saw its share values fall.
The trading day was further marked by developments in a major acquisition deal involving Origin Energy Ltd. A consortium led by Brookfield Asset Management (TSX:BAM) Ltd., which includes EIG, faced a setback in their bid to acquire Origin Energy. The proposed deal, worth US$10.6 billion excluding debt, met resistance from AustralianSuper, a major shareholder in Origin Energy. AustralianSuper’s opposition has led to the postponement of the shareholder vote that was to decide on the acquisition.
The consortium had previously revised its takeover proposal in an attempt to win over shareholders, offering options for institutional reinvestment or an alternative asset purchase plan. Despite these efforts, the delay signals ongoing negotiations and discussions among stakeholders regarding the future of Origin Energy.
Brookfield Asset Management saw its stock value rise amidst the news, as investors digested the implications of the delayed deal and considered the potential for institutional shareholders to reinvest in the business as part of the revised proposal by Brookfield’s consortium.
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