Pinned straw:
14-June-2024: 4:57pm: J-POWER-receives-FIRB-approval-for-acquisition-of-Genex.PDF
J-POWER has advised Genex that the Foreign Investment Review Board (FIRB) has provided written notice under the Foreign Acquisitions and Takeovers Act 1975 (Cth) to J-POWER and J-POWER Nominee advising that the Commonwealth has no objections to the Transaction.
The Scheme Meeting to vote on this deal is still scheduled for Tuesday July 16th with the transaction to be settled on July 31st if it's voted up, otherwise the on-market offer from J-Power at the slightly lower price of 27 cps kicks in and remains open for a couple of weeks. I'll be voting "Yes" and will sell on-market at 27 cps if the scheme is voted down. I expect it to be voted up (and to get the full 27.5 cps) unless Skip try to come over the top with an improved offer, but they've had months to make a move and they haven't made one yet, so I doubt they've got too much planned at this late stage. Skip own 19.99% of GNX.
https://www.smartcompany.com.au/startupsmart/news/tech-bromance-atlassian-mike-cannon-brookes-100-million-house-scott-farquhar/
Australia’s favourite tech bromance: Atlassian’s Mike Cannon-Brookes buys $100 million house next door to Scott Farquhar - SmartCompany [September 2018]
Skip's Scott Farquhar's best mate and co-founder of Atlassian, Mike Cannon-Brookes did try to takeover AGL (or get Board control at AGL at the very least) with the help of Brookfield back in 2022 with the aim of accelerating the shut-down of their coal-fired power stations, which obviously would have to work alongside a significant increase in the build rate of renewable energy production and storage assets. That bid did fail, as Skip's bids in 2022 also failed when they tried to takeover Genex Power, who ONLY build renewable energy production and storage assets.
Mike Cannon-Brookes and Brookfield face multiple regulatory hurdles in AGL bid - ABC News [Feb 2022]
So Scotty MIGHT have something up his sleeve. We shall see.
Or they might just lock in the profit they've made on GNX and rotate those funds into another project or two.