Origin Energy shares on watch amid takeover chaos

There has been a new twist in the Origin Energy takeover.

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Origin Energy Ltd (ASX: ORG) shares will be one to watch closely on Thursday.

That's because today was supposed to be the day shareholders voted on its proposed takeover by the Brookfield-EIG consortium at a scheme meeting.

However, it appears that the consortium has seen how early votes are falling and doesn't believe the deal will get over the line. Particularly without the support of major shareholder, AustralianSuper.

In light of this, there are media reports claiming that Origin Energy has received a revised takeover offer from the Brookfield-EIG consortium.

However, given how close to the meeting this has come, as well as the announcement of the government's new Capacity Investment Scheme yesterday, reports state that Origin Energy is planning to postpone the scheme meeting at the last minute to a later date.

Origin shares in focus

According to the AFR, the consortium's new offer remains at $9.43 per share but includes a backup offer at a lower price.

The report claims that the new structure would still see Brookfield owning Origin's energy markets business and its stake in Octopus Energy, and EIG owning Origin's investment in the APLNG project.

As things stand, with the scheme meeting only hours away, Origin has not officially confirmed whether it will go ahead or not.

While the meeting is uncertain, one thing that is certain is that the Origin takeover is likely to have plenty more twists and turns in the coming weeks and months.

Origin shares are up 8% over the last 12 months.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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