AGL Energy Proposes To Buy Vocus For A$4.85/ Share In Cash

(RTTNews) - Australia's AGL Energy Limited (AGK.AX, AGLNF.PK) announced a non-binding, indicative proposal to acquire Vocus Group Limited (VOC.AX) for A$4.85 per share in cash.

The acquisition will be implemented by way of a scheme of arrangement.

Vocus noted that the indicative proposal follows its announcement on June 4 that it had ceased discussions with EQT Infrastructure. Also, AGL earlier had announced that it had previously been unable to agree due diligence terms with Vocus.

Vocus Board of Directors now has decided to grant exclusive due diligence access to AGL for a period of four weeks to enable AGL to potentially put a formal binding proposal to Vocus.

In Australia, AGL shares were trading at A$19.46, down 7 percent, while Vocus shares were gaining 8.5 percent to trade at A$4.16.