Australian fiber network owner Vocus Group has accepted a A$3.5 billion ($2.68 billion) takeover offer from Macquarie Infrastructure and Real Assets Holdings (MIRA) and pension fund Aware Super, a month after the consortium submitted a nonbinding bid.
According to Reuters, this is the highest buyout offer Vocus has received, besting other bids from AGL Energy and EQT Infrastructure, which dropped out following brief due diligence periods.
In February, Vocus’ board said it was in the interest of shareholders to explore the potential merger with MIRA and granted the firm due diligence, which would allow it to submit a binding proposal.
The buyout offer has sent Vocus’ shares skyrocketing 9 percent to A$5.45 ($4.18) per share, the highest they have been since late November 2016, Reuters reports.
Of the binding offer, Bob Mansfield, chairman of Vocus, recently stated, â
