Origin Energy shares surge after takeover blocked

The news: Shares in Origin Energy surged early on Tuesday, a day after shareholders voted down a proposed takeover offer from a Brookfield and EIG-led investor consortium.

The numbers: Origin stock was higher by 17 cents, or 2.23%, at $8.04 per share at 10.54am (AEDT). Moments earlier Origin had traded for $8.06 per share. The shares closed at $7.86 each on Monday.

The context: On Monday, 69% of votes were cast in favour of the scheme, but it needed 75% of votes to succeed. Origin's board had recommended shareholders accept the consortium's offer, but major shareholder AustralianSuper was among those that campaigned against the bid and argued it undervalued Origin.