Vocus gets rival takeover bid from Affinity

News Broadband Australia 11 JUL 2017
Vocus gets rival takeover bid from Affinity
Australian operator Vocus Group has received a second unsolicited takeover bid, from private equity group Affinity. The new offer matches the bid of AUD 3.50 per share received from KKR in early June. 

Earlier this month Vocus granted KKR the right to non-exclusive due diligence, and the company said it would do the same with Affinity. Vocus added that the Affinity offer is subject to a number of conditions similar to those of KKR's bid. 

The Vocus board is now starting a formal process to see whether or not it can secure a takeover offer in the best interests of shareholders. 

Vocus's share price recently dipped below KKR's price, but has since recovered to over AUD 3.50 after the announcement on Affinity's bid. 

Categories:

Fixed

Companies:

Vocus

Countries:

Australia

Tags:

M&A buyouts & divestments

Related Articles

AUSTRALIA 27 MEI 2019

EQT Infrastructure bids for Australia's Vocus

Australian operator Vocus has confirmed that it has received a takeover proposal from EQT Infrastructure at AUD 5.25 per share in cash. The company's shares closed up 17 percent higher at AUD 4.55 following the news.

AUSTRALIA 21 AUG 2017

Vocus ends takeover talks with KKR, as FY profit hit by AUD 1.5 bln impairment

All takeover discussions between Australian operator Vocus and KKR have ceased, with the US investment house saying it is unable to come out with terms acceptable to the Vocus board. KKR made a bid in June for the company at AUD 3.50 per share. Vocus then received another takeover offer from private equity group Affinity, in July. Giving its preference to KKR, Vocus provided the investment firm with the opportunity to conduct due diligence on a non-exclusive basis but the parties were unable to reach a mutu

AUSTRALIA 7 JUN 2017

KKR makes unsolicited bid for Australian operator Vocus

Private equity firm KKR has made a bid of around AUD 2.2 billion for the Australian operator Vocus. The non-binding, preliminary offer values the company at AUD 3.50 per share, well ahead of its last closing share price of AUD 2.86. Vocus said its board would set up an independent committee to consider the offer, headed by its chairman and including other non-executive board members.

AUSTRALIA 3 MEI 2017

Vocus lowers guidance for FY17

Australian operator Vocus has lowered its guidance for the 2017 financial year, with revenue down by AUD 100 million, underlying EBITDA down by between AUD 65 million and AUD 75 million, and net profit down by AUD 45 million to AUD 50 million. Underlying EBITDA is now expected to be between AUD 365 million and AUD 375 million, net profit between AUD 160 million and AUD 165 million, and revenue at AUD 1.8 billion. The lower guidance is due to lower earnings than expected across enterprise, wholesale, and mas

Just In

19 DEC 16:42

SLT-Mobitel launches 5G network in Sri Lanka

19 DEC 16:19

Dialog Axiata launches 5G network, connects 1.5 million subscribers

19 DEC 15:56

UK govt to ban AI-enabled nudification apps to protect women, girls

19 DEC 15:42

3 UK launches last-minute Christmas sale

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.