AGL rejects higher bid from Mike Cannon-Brookes and Brookfield, potentially ending takeover push

Atlassian chief executive Mike Cannon-Brookes, along with Canadian asset manager Brookfield, increased his bid from the $7.50 a share offer that AGL said materially undervalued the company. Photograph: Mick Tsikas/AAP

AGL Energy has formally rejected a revised takeover bid from the Canadian asset manager Brookfield and the tech billionaire Mike Cannon-Brookes, seeing off the unsolicited bid that the suitors claimed would have been the world’s largest decarbonisation project.

The pair made an offer of $8.25 a share for Australia’s largest electricity generator on Friday night, topping their initial offer of $7.50 made last month.