Affinity submits takeover bid for Vocus

12 Jul 2017

Australia’s Vocus Group has received a preliminary, indicative and non-binding proposal from Hong Kong-based investment group Affinity Equity Partners to acquire 100% of the shares in Vocus at a price of AUD3.50 (USD2.60) per share, via a scheme of arrangement. The proposal is subject to due diligence and conditional on a number of requirements, essentially mirroring those outlined in US-based private equity firm Kohlberg Kravis Roberts & Co (KKR) proposal submitted in June 2017. As such, Vocus’ management board has concluded that, subject to negotiation of an appropriate confidentiality agreement, Affinity should be granted the option to conduct due diligence on a non-exclusive basis in order to establish whether an acceptable binding transaction could be agreed.

Australia, New Zealand, Vocus Group (incl. Commander, Dodo, iPrimus), Vocus New Zealand (incl. Orcon, Slingshot)