Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Aussie investor favourite launches takeover bid

AGL

A big name in Australian energy has kicked off a takeover bid for a communications outfit, which has since seen a surge in its share price.

Savvy investors have taken advantage of the interest in Vocus Group Limited, with the share price rising by just over 12 per cent today on news of a possible takeover bid from AGL.

AGL announced that it has been granted exclusive access to conduct due diligence on Vocus Group Limited for a period of four weeks after submitting a non-binding proposal to acquire Vocus at $4.85 per share.

With this, the share price of Vocus has risen from $3.82 a share to a high point of $4.34 per share.

Advertisement
Advertisement

This follows EQT Infrastructures withdrawing its acquisition proposal.

Vocus managing director and CEO Kevin Russell said in a statement to the ASX:  “There is a clear market opportunity for Vocus, which is generating significant interest in our business and our assets. We are focused on executing our turnaround strategy and delivering the opportunity in front of us.

“However, we have been clear that the board will always act in the best interests of our shareholders to engage with credible parties that bring forward proposals that are worthy of further consideration,” Mr Russell said.

AGL believes that the acquisition of Vocus will help with its strategy to meet the needs of increasingly connected customers as energy and data value streams converge and the traditional energy sector changes.

Discussions between AGL and Vocus are incomplete at this stage and there is no binding agreement, with any binding transaction subject to due diligence and negotiations between the two companies.

This email address is being protected from spambots. You need JavaScript enabled to view it.

Aussie investor favourite launches takeover bid
AGL
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Anonymous - It is not a bias to get a refund of over-withheld taxes. For once, Australia has a better tax system in this respect than most of the rest of the world.....
Anonymous - This is all identity politics rubbish. Inasmuch as most families are dual income earners and as most women are not in high paying jobs for a variety.......
Margaret - Happy that I won't be around in 2060....
Anonymous - This "analysis" is misconceived and should get a fail in statistics. Men pay more tax because they work more. So they should get more relief. And,.......