Takeover target Origin Energy says it intends progressing sales negotiations following a revised offer from a consortium bidding for Australia's top electricity and gas supplier.
American suitors Brookfield Asset Management and private equity firm EIG have modestly reduced their offer from $9 to $8.90 per share.
The deal would still value Origin at $18.2 billion despite ongoing federal government intervention in Australia's energy markets to rein in runaway prices for customers.
"The Origin board considers the revised proposal has the potential to deliver significant value to shareholders, and accordingly, intends to continue to progress discussions with the consortium," it said in a statement on Wednesday morning.
This would include the negotiation of a Single Investor Identification while assessing the execution considerations and risks associated with any deal.
"At this stage, shareholders do not need to take any action," the company said.
"Origin will continue to keep shareholders updated in accordance with its continuous disclosure obligations."
Origin last week reported a statutory net profit of $399 million for the six months to December 31, compared to a $131 million loss a year earlier.
However, underlying profit for the half year slumped more than 80 per cent to $44 million.
At the time, it said it was still awaiting a binding takeover proposal of $9 a share offered in November.
Origin said the consortium had "substantially completed due diligence and active engagement continues" but it was yet to receive a final offer.
