From Breakingviews - Breakup opposition will smoke out AGL’s C-suite
He has vowed to cast his ballot against the breakup and only needs a bit more support to thwart the 75% of shares voted threshold that AGL needs. Fewer than 40% of the company’s shares voted on matters at last year’s annual meeting, but it’s reasonable to think turnout will be far higher for such an important strategic change. Even if, say, three-quarters of shares vote, Cannon-Brookes alone would have some 15% of the tally and need just 8% of all outstanding stock to rally to his cause.
of this year’s expected underlying profit. It also glosses over the long-term costs of rehabilitating the environment and the investment required in renewable sources.with Global Infrastructure Partners. It’s probably too little, too late. Cannon-Brookes has indirectly initiated a different sort of transition – one in AGL’s C-suite – which in time could open the door to a fresh takeover approach.- Australian billionaire Mike Cannon-Brookes on May 2 took an effective 11.
- Cannon-Brookes, who is the co-chief executive of software company Atlassian, teamed up with Brookfield Asset Management and offered to buy AGL in February. The duo pulled out in March after AGL directors rejected their second offer.
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