Energy company AGL has rejected Alinta’s $250 million bid to buy the Liddell coal plant in New South Wales.
A statement by AGL has determined the offer is undervaluing future cash flow and is not in the best interests of the company or its shareholders.
AGL is set to close Liddell coal plant in December 2022 to replace it with cleaner energy sources.
The company will spend up to $400 million for a gas-fired power station near Newcastle in NSW to make up for loss in energy supply from the closing of Liddell.