Australia’s Vocus Group has confirmed its receipt of a confidential non-binding, indicative proposal from investment firm Macquarie Infrastructure and Real Assets (MIRA). In a stock exchange statement, Vocus Group said that MIRA has proposed acquiring 100% of its shares via a scheme of arrangement at a price of AUD5.5 (USD4.2) per share; that would mean a deal valued at approximately AUD3.4 billion, local press reports noted. Vocus Group’s board added that the proposal was subject to a number of conditions, including: satisfactory completion of due diligence by MIRA; MIRA securing debt financing; unanimous recommendation by the Vocus board; and entry into a mutually acceptable scheme implementation agreement. Further, any scheme implementation agreement would be subject to several conditions, including shareholder, court and regulatory approvals.
In response to the offer, the Vocus Group board said that, after consideration, it had concluded that it would be ‘in the best interests of Vocus shareholders to explore the potential for a transaction with MIRA’. To that end, the board has granted MIRA due diligence access to enable it to potentially put forward a binding proposal.