AGL lobs $3b bid for Vocus

Company News

by Anna Napoli

AGL Energy (ASX:AGL) has today announced plans to conduct due diligence on Vocus Group after submitting a non-binding, indicative proposal to acquire Vocus at $4.85 per share via Scheme of Arrangement.

AGL has been granted exclusive access for a period of four weeks.

The news comes after private equity firm, EQT abandoned plans to buy Vocus last Tuesday which saw Vocus' share price plunge 18 per cent.

EQT withdrew its $5.25 per share offer after doing just over a week's due diligence in the data room.

AGL says its interest in Vocus is consistent with its strategy to meet the needs of increasingly connected customers as energy and data value streams converge and the traditional energy sector transforms.

Shares in AGL (ASX:AGL) closed 1.26 per cent higher at $20.91 on Friday.

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.