Australian operator Vocus confirms it has received a confidential non-binding, indicative proposal from Macquarie Infrastructure and Real Assets and its managed funds (together ‘MIRA’) to acquire 100 percent of the shares of Vocus via a scheme of arrangement at a price of AUD 5.50 per share. Vocus’ board of directors reports that this proposal is subject to satisfactory completion of due diligence by MIRA; MIRA securing debt financing; unanimous recommendation by the Vocus Board; and entry into a mutually acceptable scheme implementation agreement.
Any scheme implementation agreement would also be subject to a number of conditions, including shareholder, court and regulatory approvals.
Vocus’ board has also concluded that it is in the best interests of Vocus shareholders to explore the potential for a transaction with MIRA, and has granted MIRA due diligence access to enable MIRA to potentially put forward a binding proposal.
Vocus has appointed Credit Suisse as its financial advisor and Allens as its legal advisor.
AGL's bid for Vocus withdrawn in mid-2019
Back in June 2019, AGL Energy ceased undertaking due diligence on Vocus Group. AGL also decided to withdraw its non-binding, indicative proposal to acquire Vocus. AGL previously received exclusive access to conduct due diligence on Vocus Group for a period of four weeks after submitting an offer to acquire Vocus at AUD 4.85 per share.
Vocus terminates discussions with EQT Infrastructure in relation to its buyout proposal
In June 2019, Vocus also terminated discussions with EQT Infrastructure in relation to its buyout proposal. On 27 May, Vocus received an offer from EQT to acquire all of the shares in Vocus at a price of AUD 5.25 per share in cash. Following an accelerated period of due diligence, EQT decided not to proceed with the transaction outlined in the indicative proposal.
