Origin Top Investor Rejects Brookfield’s ‘Low-Ball’ New Bid (1)

Origin Energy Ltd.’s top investor rejected a revised A$19.1 billion ($12.5 billion) takeover plan by a Brookfield Asset Management Ltd.-led group, casting the year-long pursuit into new doubt.

The utility disclosed an amended bid from Brookfield and EIG Global Energy Partners and delayed a planned Thursday vote on their A$9.43 a share offer until Dec. 4, after proxy results showed the existing proposal would fail.

Under a new plan, if shareholders reject the takeover next month, the suitors intend to pursue an alternative strategy to acquire the business in separate parts at a lower price, with Brookfield offering ...