Vocus bidders drop acquisition talks

21 Août, 2017, 10:14 | Author: Marc Bacque
  • Vocus bidders were unable to support the buy on terms acceptable to the board

"The board's focus continues to be to act in the best interests of all shareholders", Vocus chairman, David Spence, said.

Both bids were the same, offering $3.50 a share and pricing Vocus as being worth $2.2 billion.

Shares closed at $3.22 on Friday afternoon. Its brands include Dodo, iPrimus, Commander and Engin.

The company said in a statement today that, right through the due diligence process, the two bidders Kohlberg Kravis Robert and Affinity Equity Partners had indicated support for Vocus' strategic plans and transformation programme.

Both offered $2.2 billion and were afforded an opportunity to conduct due diligence on the telco.

Vocus said the private equity firms advised the company they were unable to meet the board's terms.

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All discussions with the bidders have now ceased.

"Throughout this process the company continued to pursue its standalone business plans and its transformation programme outlined at the company's recent investor day in June".

According to Vocus, its board then chose to "conclude the sale process" due to the company's positive outlook for FY18, which forecasts revenue growth to between AU$1.9 billion and AU$2 billion and underlying EBITDA growth to between AU$370 million to AU$390 million.

Vocus' full-year results will be out on Wednesday.

"This forecast growth is in spite of the headwinds created by the deferred subscriber acquisition cost benefit to EBITDA of approximately $41 million in FY17", the company said.

"Notwithstanding the competitive market conditions, and the increased costs associated with the migration of customers to the NBN, the Board is confident that the Company can deliver a return to sustainable organic growth following a year of transition in FY17".

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