The Vocus Group Ltd (ASX: VOC) share price could be one of the larger movers today as takeover talks with EQT Infrastructure broke down.
Vocus is a vertically integrated telecommunications service provider, operating in the Australia and New Zealand markets. Thanks to a merger with M2 Group, it is responsible for numerous retail and business telco brands, such as Primus.
What Happened To Vocus’ Takeover Talks?
After an accelerated period of due diligence, EQT has decided not to proceed with the transaction which was priced at $5.25 per share, and discussions have now been terminated.
Vocus CEO and Managing Director Kevin Russell said: “As we said in our Interim Results on 27 February, we are in the early stages of a business turnaround. We have great confidence that our strategy will deliver significant value to our shareholders in the medium to long term.
“There is growing demand for our strategically valuable network assets and we have a substantial opportunity to gain market share in Vocus Networks.”
Perhaps this means that AGL Energy Ltd (ASX: AGL) will come back for more discussions about a potential takeover?
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.