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Ian Ramsay, Emeritus Professor, Melbourne Law School, The University of Melbourne

AGL said no to a $5 billion bid, but it isn't over – here's how takeover bids work

AGL Australia Mike Cannon-Brookes AGL Energy Brookfield

Australian companies are being taken over like never before. On Saturday February 19 a consortium involving tech billionaire Mike Cannon-Brookes and Canadian asset manager Brookfield offered A$5 billion to buy AGL Energy.

AGL is Australia’s biggest electricity supplier and owns Australia’s two highest emitting power stations.

The bidders plan to shut down those coal-fired plants early and invest up to $20 billion in clean energy and storage to replace them.

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