Vocus has received a $3.5 billion takeover offer from a consortium of Macquarie Infrastructure and Real Assets (MIRA) and Aware Super.
The formal offer comes about a month after MIRA made a similar non-binding offer for Vocus; Aware Super later joined the same bid process.
If shareholders approve of the scheme, they would receive $5.50 cash for each share they own, a 26.5 percent premium on the share price before MIRA entered the frame. Vocus shares last traded for $5.
The Vocus board backed the buyout.
“The Vocus board is unanimous in our view that this offer is in the best interests of Vocus shareholders,” chairman Bob Mansfield said in a statement.
“In making this assessment, the board considered a range of alternatives, including the execution of our existing strategy under which the proceeds of an initial public offering of Vocus New Zealand would reduce debt and be invested in our core business.
“Feedback from shareholders in recent weeks on the indicative offer of $5.50 originally received from MIRA has been overwhelmingly positive and there is a broad recognition that this is a very fair value for Vocus shareholders.”
Shareholders are expected to vote on the proposal in June; if accepted, the takeover would come into effect in July, subject to other court and regulatory approvals.