KKR moves in on Vo­cus

Townsville Bulletin - - NEWS -

US pri­vate eq­uity gi­ant Kohlberg Kravis Roberts has moved a step closer to a takeover of Vo­cus Group with the telco’s board open­ing its books to a non- ex­clu­sive due dili­gence.

KKR had an­nounced a con­di­tional $ 3.50 a share takeover pro­posal for Vo­cus on June 7, valu­ing the tele­com oper­a­tor at $ A3.3 bil­lion, a far cry from the al­most $ 9 a share Vo­cus was com­mand­ing in Au­gust last year.

Yes­ter­day Vo­cus shares were ahead by 3 per cent, at $ 3.41.

Vo­cus said its board had care­fully re­viewed KKR’s pro­posal and de­cided to al­low due dili­gence to es­tab­lish whether an ac­cept­able trans­ac­tion could be agreed.

Vo­cus said it would up­date share­hold­ers in due course.

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