Climate change is Mike Cannon-Brookes' muse...but looks like he won't be saving the planet anytime soon.
Background: AGL is Australia's largest power company. It was founded all the way back in 1837, and now services around 4.5 million households and businesses.
What happened: AGL is also Australia's largest carbon emitter...which has caught the attention of Atlassian co-founder and climate change activist Mike Cannon-Brookes. In Julia Fox's words, climate change is his muse.
What else: MCB and Canadian asset manager Brookfield put together a $8 billion proposal to buy AGL. But despite the offer being a 4.6% premium on the company's current share price...it's gonna be a no from AGL, dawgs.
💡When a company makes an offer to acquire another company, they typically have to pay what's known as an acquisition premium.
💡 An acquisition premium is the difference between the current value of the company...and the price offered to buy it. This helps sweeten the deal and stave off other competitors.
💡The size of the premium will depend on the size of the competition in the industry as well as the motivations of the buyer. Block paid a 30% premium on Afterpay's share price to acquire it...so Cannon-Brookes might have to up his game.
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