Telecommunications vendor Vocus has revealed its has received an acquisition proposal from investment firm Macquarie Infrastructure and Real Assets Holdings (MIRA).
MIRA is part of Macquarie Group’s asset management arm Macquarie Asset Management (MAM), managing US$132 billion in assets including telcos, farmlands, infrastructure and real estate companies across Australia.
Responding to “recent press speculation”, Vocus said in its ASX announcement that the proposal was non-binding and indicative, with MIRA offering $5.50 per share for 100 percent of Vocus.
The offer is subject to a number of conditions including due diligence, securing debt financing, unanimous recommendation by Vocus’ board, and a mutually acceptable scheme implementation agreement.
“After consideration by the board and its advisers, 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 announcement read.
“The board notes that there is no certainty that the Proposal will result in a binding offer for Vocus.”
Vocus has appointed Credit Suisse as its financial advisor and Allens as its legal advisor. The company said it will update the market in line with continuous disclosure obligations.
Vocus had a number of suitors in 2019 and 2017, receiving offers from infrastructure investment firm EQT Infrastructure, energy firm AGL and private equity firms Kohlberg Kravis Roberts and Affinity Equity Partners.
KKR and Affinity both offered $2.2 billion in 2017, both of which were rejected citing a forecasted financial turnaround and return to sustainable organic growth at the time.
EQT Infrastructure in 2019 offered $3.26 billion, or $5.25 per share, but the deal fell through after just a few weeks. AGL offered a lower offer of $3 billion or $4.85 per share, but was also dropped less than a week later.