Australian operator Vocus announced that it has terminated discussions with EQT Infrastructure in relation to its buyout proposal. On 27 May, Vocus received an 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 has decided not to proceed with the transaction outlined in the indicative proposal. Accordingly, discussions with EQT in relation to the proposal have now ceased, Vocus said.
“We are in the early stages of a business turnaround. We have great confidence that our strategy will deliver significant value to our shareholders in the medium to long term. There is growing demand for our strategically valuable network assets and we have a substantial opportunity to gain market share in Vocus Networks, which is the core of our business”, said Vocus CEO Kevin Russell.
AGL Energy recently announced that it considered making a takeover offer for Vocus. However, the non-binding offer was withdrawn after the companies could not reach agreement on the terms for conducting due diligence.
Vocus announced at its interim FY19 results that it intended to conduct a strategy update for investors. This will now be scheduled for the last week of June.
Vocus has also reiterated its FY19 guidance as stated on 27 February. The company expects its underlying EBITDA to range between AUD 350 million and AUD 370 million.
