AGL Energy in $3.02b offer for telco Vocus
AGL Energy has announced a new $3.02 billion offer for telco Vocus less than a week after Swedish private equity firm EQT Infrastructure scrapped its own takeover bid for the Sydneybased company.
The energy provider yesterday detailed a non-binding plan to acquire Vocus at $4.85 a share.
AGL, which said on May 31 that it had been unable to agree on due-diligence terms with Vocus and had withdrawn its previous offer, stated any successful acquisition would provide it with “access to a market-leading integrated broadband fibre asset base”.
Vocus’ board said yesterday it was giving AGL exclusive access to conduct due diligence on the owner of the iPrimus and Dodo brands for four weeks to come up with a binding proposal.
“There is a clear market opportunity for Vocus, which is generating significant interest in our business and our assets,” the telco’s chief executive Kevin Russell said.
“We are focused on executing our turnaround strategy and delivering the opportunity in front of us. However, we have been clear that the board will always act in the best interests of our shareholders to engage with credible parties that bring forward proposals that are worthy of further consideration.”
A statement by the suitor said: “AGL’s interest in Vocus is consistent with AGL’s strategy to meet the needs of increasingly connected customers as energy and data value streams converge and the traditional energy sector transforms.”
AGL shares closed down $1.51, or 7.2 per cent, to $19.40. Vocus finished up 34¢, or 8.9 per cent, to $4.17.