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Australia's AGL Energy shuns 2nd bid from Brookfield-led consortium

Revised deal was valued at $4bn but the company deems it as 'materially the same'

AGL's earnings have been hammered in recent years by an influx of cheap solar and wind power.   © Reuters

(Reuters) -- Australia's AGL Energy on Monday said they have rejected a sweetened A$8.25 apiece takeover bid from tech billionaire Mike Cannon-Brookes and Canada's Brookfield Asset Management, saying it continued to undervalue the power producer.

The revised deal was valued at A$5.43 billion ($4.00 billion), topping a prior bid of A$3.54 billion, which was rejected by the board on Feb. 21.

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