Australia’s Vocus reopens books after Macquarie’s $2.6 billion bid, shares rise

SYDNEY: Australia’s Vocus Group on Monday said Macquarie’s funds had lodged a non-binding offer to acquire the fire network owner for A$3.42 billion ($2.62 billion) and would open its book to the firm, sending its shares almost a fifth higher.

The approach from Macquarie Infrastructure and Real Assets Holdings (MIRA) – one of at least three since 2019 – carries a price of A$5.50 per share, already the highest from any recent suitor, and could spark a competitive process for the telecom company.

Vocus’ shares rose to their highest since November 2016 but at midday were trading at A$4.98, below MIRA’s offer, which represents a 25.6% premium to its last close, as investors priced the risk that the suitor walks away after seeing the books, as it has happened with recent approaches.