AustralianSuper owns a 13.68% stake in Origin Energy and said the offer was "substantially below" its estimate of long-term value for Australia's biggest energy retailer.
Origin shares were down 0.9% in early trade on Tuesday at A$9.10 each, which was above the $A8.81 offer price.
Origin shares have been trading above the offer price since the deal got an approval from the country's competition regulator on Oct. 10.
Origin shares closed at A$9.17 on Monday, 4.1% above the offer price.
"The current offer from the Brookfield and EIG-backed consortium remains substantially below our estimate of Origin's long-term value," the firm said.
Persons:
AustralianSuper, Max Vickerson, AusSuper, it’s, Scott Murdoch, Lewis Jackson, Sameer Manekar, Josie Kao, Lincoln, Chris Reese
Organizations:
Origin Energy, Brookfield, stockbroker Morgans, Frontier Economics, Energy, Thomson
Locations:
Brookfield, EIG, Sydey, Bengaluru