Macquarie lodges takeover bid for Vocus

Telecommunications company Vocus has confirmed it received a $3.42 billion takeover offer from Macquarie Infrastructure and Real Assets Holdings.

Macquarie is offering to pay Vocus $5.50 per share, well above Friday's closing price of $4.38 each. 

In a statement to the ASX, the Vocus board said it was in the interests of the company's shareholders to consider the deal.

“After consideration by the board and its advisors, the board has 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,” the statement said.

“There is no certainty that the proposal will result in a binding offer for Vocus.”

Vocus said the proposal was subject to due diligence by Macquarie, securing debt financing, a unanimous recommendation by the Vocus board and entry into a mutually acceptable scheme implementation.

The telecommunications company has appointed Credit Suisse as its financial advisor and Allens as its legal advisor.

Vocus has been offered several takeover deals over the past few years.

Swedish private equity fund EQT Infrastructure offered $3.3 billion in May 2019 but withdrew during its due diligence.

In June 2019, utilities company AGL Energy offered $3 billion for Vocus but also pulled its offer during the due diligence period.

Shares in Vocus were up 12 per cent to close at $4.94 this afternoon.