Australia’s Vocus Group said on Tuesday it had agreed to a A$3.5 billion ($2.68 billion) takeover offer from a consortium of a Macquarie fund and pension fund Aware Super, sending its shares to a more than four-year high.

Last month, Macquarie Infrastructure and Real Assets Holding (MIRA) and Aware Super had agreed to team up for a A$5.50 per share non-binding offer for the Melbourne-based fibre network owner.

The buyout offer from the Macquarie-led consortium, one of at least three approaches since 2019, is the highest from any recent suitor.

Power supplier AGL Energy and Swedish private equity firm EQT Infrastructure dropped similar proposals after brief due diligence periods.

Read more at Reuters

By Shriya Ramakrishnan, Aditya Soni and Subhranshu Sahu

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