Energy giant AGL has refused an offer from Alinta Energy to buy the ageing Liddell Power Station, in the Hunter Valley.
The energy giant’s board assessed the $250 million bid, however it says the deal significantly undervalues future cash flow from the site.
“The AGL board has determined that the offer is not in the best interests of AGL or its shareholders.”
Just last month AGL announced it will spend up to $400 million, to build a new gas-fired power station at Tomago near Newcastle, to address a shortfall in energy supply when the Hunter Valley power station shuts its doors.
Liddell is currently scheduled to close in 2022.
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