The AGL Energy Limited (ASX: AGL) share price is sliding on Thursday as its former suitor looks set to ride off into the sunset with a rival S&P/ASX 200 Index (ASX: XJO) company.
Wedding bells are ringing for Origin Energy Ltd (ASX: ORG) after the energy giant revealed it would likely recommend a $9 per share bid proposed by Brookfield Asset Management and MidOcean Energy.
That's the same Brookfield that was on AGL's doorstep earlier this year. Indeed, it appeared to snap up a 2.5% stake in the company in late June.
But the match apparently wasn't to be. The AGL share price is sliding 0.46% right now to trade at $7.605.
Meanwhile, that of Origin has rocketed 34.6% to $7.82. It's helping to drive the S&P/ASX 200 Utilities Index (ASX: XUJ) 13.2% higher while the ASX 200 is 0.23% in the red.
Let's take a closer look at the ASX 200 bride and the potentially jilted bridesmaid on Thursday.
Image source: Getty Images
AGL share price slumps amid Origin takeover proposal
The AGL share price is falling as its former suitor looks to have moved on with another Aussie energy giant.
Brookfield was previously part of a consortium, including Atlassian Corp (NASDAQ: TEAM) co-founder and co-CEO Mike Cannon-Brookes' Grok Ventures, bidding for AGL.
The pair offered as much as $8.25 per share for the ASX 200 energy favourite in March. Though, all offers put to the AGL board were promptly rejected.
Interestingly, the company said the offer undervalued it relative to the value expected to be born from its ultimately scrapped demerger.
It's hard to say whether any market watchers were expecting Brookfield to return to AGL in the future. If so, it could go some way to explaining why the AGL share price is underperforming today.
Today's proposal values Origin at $18.4 billion. If it makes it down the aisle, Brookfield will walk away with Origin's energy markets business. Meanwhile, MidOcean would take on its integrated gas business.
Meanwhile, all eyes will likely be on the AGL share price on Tuesday amid what's expected to be a turbulent annual general meeting (AGM).
