One week after agreeing on exclusive due diligence arrangements, AGL has withdrawn its proposed acquisition of Vocus.
Vocus - News, Features, and Slideshows
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AGL Energy has no plans to break up its takeover target, Vocus Group, but instead will aim to grow the combined businesses, AGL CEO Brett Redman said.
AGL Energy has been granted access to conduct a four-week due diligence on Vocus roughly one week after the publicly-listed energy provider withdrew its offer after being "unable to agree to due diligence terms that were acceptable".
Vocus has announced EQT decided not to acquire the Australian telecommunications provider following an accelerated period of due diligence.
Vocus has received an acquisition proposal from EQT Infrastructure in a deal valued at $5.25 per share in cash, worth $3.26 billion, via a scheme of arrangement.