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UPDATE 1-Australia's Vocus receives second $1.7 bln approach, from Asia's Affinity

Published 11/07/2017, 10:43 am
Updated 11/07/2017, 10:50 am
© Reuters.  UPDATE 1-Australia's Vocus receives second $1.7 bln approach, from Asia's Affinity
VOC
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* Vocus says will grant due diligence to KKR for $1.7 bln tilt

* Will also grant due diligence to Affinity for matching bid

* Shares in temporary trading halt (Adds quotes from Vocus in 3rd graf, from bidders in 4th graf, shares in 5th graf)

SYDNEY, July 11 (Reuters) - Australian internet company Vocus Group Ltd VOC.AX said on Tuesday it received a A$2.2 billion ($1.7 billion) takeover approach from Asian private equity firm Affinity Equity Partners (S) Pte Ltd, matching a similar indicative offer from KKR & Co LP KKR.N .

Sydney-listed Vocus said it would allow both firms to conduct due diligence on a non-exclusive basis with a view to reaching a binding takeover offer.

"The board of Vocus now considers that the interests of shareholders will be best served by a formal process to thoroughly evaluate whether a change of control offer, at a price and on terms that the board would recommend, can be secured," Vocus said in a statement.

A spokesman for KKR was not immediately available for comment, while an Affinity spokesman declined to comment.

Vocus shares were in a trading halt on Tuesday morning, having closed the previous day at A$3.45, just below KKR's A$3.50 indicative offer price.

($1 = 1.3151 Australian dollars)

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