Vocus receives $3.4 billion non-binding offer from MIRA

Vocus has received a non-binding offer from Macquarie Infrastructure and Real Assets (MIRA) that values it at approximately $3.4 billion.

The ASX-listed telco said in a financial filing that it had received a “confidential, non-binding, indicative proposal” from MIRA to buy out Vocus for $5.50 a share.

Vocus shares were trading 15 percent higher at $5.05 on the news.

The telco said MIRA’s offer is subject to due diligence, debt financing and related approvals.

Vocus’ board said “it is in the best interests of Vocus shareholders to explore the potential for a transaction with MIRA, and has granted MIRA due diligence to enable MIRA to potentially put forward a binding proposal”.

Vocus added it had appointed Credit Suisse as its financial advisor and Allens as its legal advisor.

There have been two previous occasions where Vocus has courted buyers, in mid-2017 and again in mid-2019.