Tuesday, 09 February 2021 06:24

Vocus looking at acquisition bid by Macquarie Infrastructure Featured

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The Vocus Group says it has granted Macquarie Infrastructure and Real Assets Holdings and its managed funds access to conduct due diligence with a view to the latter following up on its non-binding, indicative offer to buy all the telco's shares at a price of $5.50 per share.

The disclosure of the MIRA bid was made to the ASX on Monday after the Australian Financial Review reported that an offer from MIRA was on the telco's table.

In the ASX statement, Vocus said the proposal was subject to MIRA securing debt financing, unanimous recommendation by the Vocus board, and entry into a mutually acceptable scheme implementation agreement.

Vocus has been the target of a number of takeover proposals over the last few years.

In May 2019, AGL Energy made a non-binding, indicative proposal to acquire the firm.

But the big energy company pulled out later the same month when the terms of due diligence could not be agreed. However, an offer was made on 11 June for all the shares in the company, at $4.85 a share, meaning that the total bid would come to a shade over $3 billion.

On 17 June, the day AGL formally dropped its bid, its managing director and chief executive Brett Redman, said, in part: "The approach to Vocus reflected our view that the Vocus asset base has attributes that could support the execution of this strategy and benefit our customers.

“However, we are no longer confident that an acquisition of Vocus at the proposed terms would represent sufficient certainty of creating value for AGL shareholders.”

In June 2019, Swedish equity firm EQT Infrastructure pulled out of a bid for Vocus that valued the company at $3.3 billion or $5.25 a share.

In June 2017, a report said TPG Capital could team up with Vocus founder James Spenceley to examine a takeover in the event that the equity firm's bid for newspaper firm Fairfax Media, now no more after being bought by Nine Entertainment, did not come off.

The same month, American equity firm Kohlberg Kravis Roberts made a bid to buy Vocus for $2.2 billion.


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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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