Superloop's $500 million takeover offer falls apart after failing to reach deal with QIC

By on
Superloop's $500 million takeover offer falls apart after failing to reach deal with QIC

Superloop's discussions about a $500 million buyout offer from Queensland Investment Corporation have ceased.

The network provider said both parties failed to reach an agreement and the exclusivity period to conduct due diligence has been discontinued.

Government-owned QIC earlier this month offered Superloop $1.95 for each of its shares for a total of $494 million through its subsidiary QIC Private Capital. Superloop granted QIC a three-week exclusivity period starting 28 April.

“The announcement on 3 May 2019 had clearly noted there was no certainty that the proposal would eventuate in an acceptable offer for [Superloop],” Superloop said in a statement.

“The board in discussions with QIC have been unable to agree to a transaction and on that basis, the parties have decided to discontinue the period of exclusivity.”

Superloop first received a buyout offer from QIC on 2 April, offering $1.90 per share. The offer was then increased to $1.95 on 26 April.

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © CRN Australia. All rights reserved.
Tags:

Most Read Articles

You must be a registered member of CRN to post a comment.
| Register

Poll

Have you noticed any of the recent public cloud outages?
Yes, it's caused a lot of headaches
Yes, but it's only a minor inconvenience
Yes, but it hasn't had any impact on business
What outages?
View poll archive

Log In

Username / Email:
Password:
  |  Forgot your password?