AGL abandons Vocus bid

Company News

by Anna Napoli

AGL (ASX:AGL) has abandoned its $3 billion bid for telecommunications company Vocus just days after entering into due diligence.

 AGL says it is no longer confident that an acquisition of Vocus at the proposed terms would represent sufficient certainty of creating value for AGL shareholders.

Earlier this year AGL abandoned a $4.80 bid for Vocus after the companies were unable to agree to due diligence terms.

Last week the energy company lobbed a $4.85 cash per share offer after Swedish private equity company EQT ditched a $3.3 billion bid for the telco one week into its due diligence.

Shares in AGL (ASX:AGL) opened flat at $19.57.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.