The independent expert’s report into the $18.7 billion takeover of Origin Energy by Brookfield and US private equity giant EIG was always going to have a choose-your-own-adventure element, with a valuation range big enough to encourage both the buyers and the shareholders pushing for a higher price.

But the report, by consultancy Grant Samuel, has a sting in the tail that is certain to increase the pressure on Brookfield and EIG to sharpen their offer.