Revised bid includes Plan B offer of at least 10.2 bln
Vote postponed to Dec. 4
Origin board says revised offer 39;appears inferior39;
AustralianSuper says it will reject revised offer

SYDNEY, Nov 23 Reuters Origin Energy39;s top shareholder said on Thursday it would reject a complex new offer by a Brookfieldled consortium to buy Australia39;s biggest energy retailer made after it became clear investors would vote down an earlier 10.6 billion bid.

A meeting of Origin shareholders in Sydney to vote on the original bid on Thursday was delayed until Dec. 4 to consider the new offer, which would allow institutional investors to hold on to parts of the company.

Origin39;s board has yet to give an official recommendation on the alternative proposal but said the transaction appears inferior to the existing scheme, citing its complexity and potentially adverse tax outcomes for the company and investors.

The company39;s biggest investor, AustralianSuper, which owns more than 17 of Origin, said in a statement that the latest lowball offer strengthens its view that the offer remains substantially below Origins longterm value.

The A300 billion 195.24 billion pension fund was against the original offer, which it also said substantially undervalued the company39;s ability to profit from Australia39;s shift to renewable energy.

Brookfield in a statement reiterated its plans to invest up to A30 billion to lower Origin39;s carbon footprint and contribute meaningfully to…