The A$5.25 (Australian dollar) per-share cash bid from EQT Infrastructure represents a 35 percent premium to the stock’s last close on Friday.
EQT has been given non-exclusive due diligence access and the proposal includes several conditions, Vocus said in a statement Monday.
Vocus shares soared as much as 26 percent to A$4.90 in Sydney on Monday, shy of the offer price. There’s no guarantee there will be a formal offer for Vocus and shareholders do not need to take any action, the company said.
The latest offer for Vocus is the third in two years after the Sydney-based company ended talks with two private-equity firms for a potential sale in 2017.
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