Vocus receives $3.4 billion takeover offer from Macquarie fund

Vocus receives $3.4 billion takeover offer from Macquarie fund

Macquarie Infrastructure and Real Asset Holdings (MIRA) has submitted a non-binding takeover offer to acquire the entirety of telecommunications company Vocus (ASX: VOC) for $3.41 billion.

After consideration of the offer by the board, Vocus will explore the potential for a transaction and has decided to open up its books to MIRA - a Macquarie Group (ASX: MQG) alternative asset manager.

If satisfied, MIRA will potentially put forward a binding proposal to acquire 100 per cent of Vocus shares at $5.50 per share.

The proposed price is a premium of 25 per cent on Vocus' share price at the close of trade on Friday, 5 February.

If successful, MIRA would control Vocus and its subsidiaries which include Dodo, Orcon, Slingshot and Nextgen Networks.

Further, Vocus would join MIRA's substantial global portfolio, which includes more than 150 businesses, approximately 500 properties, and 4.8 million hectares of farmland across 31 countries.

In addition to completing due diligence, MIRA would need to secure debt financing, unanimous recommendation by the Vocus board, and entry into a mutually acceptable scheme implementation agreement for the transaction to proceed.

Any agreement would also be subject to a number of conditions, including shareholder, court and regulatory approvals.

MIRA's offer comes after Vocus announced in November 2019 that it is embarking on an Initial Public Offering (IPO) of Vocus New Zealand.

According to Vocus, the IPO would enable the company to invest in core long-term opportunities to extend its network reach and build on its product capabilities.

Shares in Vocus are up 17 per cent to $5.13 per share at 10.17am AEDT.

Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

 
Unpacking equity: Finding your funding fit
Partner Content
Armed with a growing business and a great opportunity, a business owner’s next challe...
Australian Business Growth Fund
Advertisement

Related Stories

Space Machines Company’s partnership with Orbit Fab blasts into orbit aboard SpaceX Transporter

Space Machines Company’s partnership with Orbit Fab blasts into orbit aboard SpaceX Transporter

The mission by Adelaide-based Space Machines Company to deliver &ls...

Survey finds founders 'more accepting of economic challenges' with earlier push to profitability

Survey finds founders 'more accepting of economic challenges' with earlier push to profitability

A survey of Australian founders conducted by law firm Herbert ...

Ousted Ecofibre US exec to sue company alleging "conflicted" board

Ousted Ecofibre US exec to sue company alleging "conflicted" board

An executive who headed up an Ecofibre (ASX: EOF) subsidiary in the...

Redbubble operator Articore scores second court win against Hells Angels

Redbubble operator Articore scores second court win against Hells Angels

Melbourne-based Articore Group (ASX: ATG) has won the latest round ...