Vocus confirms MIRA bid, taps Credit Suisse for defence
Vocus is back on the horse!
MIRA has made a bid for fibre network owner Vocus Group Tanya Lake
Less than two years after it was embarrassed by an incredibly quick round of takeover talks, it’s ready to go again.
This time it’s with Macquarie’s MIRA, which has lobbed a $5.50 a share or $3.4 billion bid, subject to due diligence and other conditions. That price represented a 25.6 per cent premium to Vocus’ $4.38 last close.
And this time Vocus has tapped Credit Suisse – for years, its defence adviser – and law firm Allens. Last time UBS usurped its Swiss rival to defend the company.
The company confirmed the bid on Monday morning, after Street Talk reported it had received a $3 billion-plus indicative and non-binding offer on Sunday night.
Vocus said it had let MIRA under the hood to undertake due diligence and “potentially put forward a binding proposal”.
MIRA is believed to be attracted to Vocus’ fibre network footprint, viewing its assets as both strategic and important in Australia’s wider telecommunications sector. It has interests in the sector already, as a major shareholder in mobile phone towers bigwig Axicom.
It’s a good gig for Credit Suisse, which finds itself back in favour with Vocus’ board. Credit Suisse advised Vocus on its biggest ever deals, including its merger with M2 Group and its acquisition of Nextgen Networks.
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