- Telecommunications company Vocus Group (VOC) has provided an update on the non-binding takeover proposal it recently received
- Macquarie Infrastructure and Real Assets (MIRA) offered to fully acquire the company at $5.50 per share
- MIRA has now entered a cooperation agreement with Aware Super, to progress its takeover deal via a consortium
- For now, MIRA’s consortium is continuing to progress its offer by conducting due diligence investigations
- Vocus Group is up 0.4 per cent and trading at $5.00 per share
Telecommunications company Vocus Group (VOC) has provided an update on the non-binding takeover proposal it recently received.
In early February, the network solutions provider confirmed that it had received a multi-billion-dollar takeover offer from Macquarie Infrastructure and Real Assets (MIRA) and its managed funds. Under the proposed takeover, MIRA offered to acquire 100 per cent of shares in Vocus Group through a scheme of arrangement, in which the shares would be bought for $5.50 each.
At the time, Vocus Group’s board of directors advised its shareholders that it would be in the company’s best interests to allow MIRA to progress its proposalby completing its due diligence process.
Now, Vocus Group has been informed that MIRA has entered a cooperation agreement with superannuation fund Aware Super. Under the agreement, MIRA is the trustee for Aware Super.
MIRA entered the agreement in order to progress its takeover proposal via a consortium.
At this time, the takeover proposal from MIRA remains indicative and non-binding and subject to the same terms and conditions which were set out in the original announcement from February 8, 2021. These conditions include the completion of a due diligence investigation, and obtaining regulatory and shareholder approval.
As such, there is no guarantee that the takeover proposal from MIRA will result in a binding offer for Vocus Group.
For now, MIRA’s consortium continues to progress its offer by conducting its due diligence investigations.
Vocus Group is up 0.4 per cent, trading at $5.00 per share at 2:33 pm AEDT.