Superloop receives AU$494m takeover bid

03 May 2019 | Jason McGee-Abe

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Superloop has confirmed it is reviewing a takeover offer from QIC Private Capital for AU$494 million.

Superloop, founded by Bevan Slattery (pictured), received a takeover approach from QIC Private Capital on behalf of its global infrastructure-managed-and-advised funds and clients. QIC lodged an unsolicited, non-binding, conditional and indicative acquisition proposal on 2 April of AU$1.90 per share.

QIC subsequently improved its takeover offer on 26 April to acquire the company for AU$1.95 per share. The revised indicative proposal includes two alternative forms of consideration to Superloop shareholders: full cash or partial cash and partial scrip in a newly formed unlisted entity.

The Superloop board and its advisers have been reviewing the proposal and determined that it is in the “best interests of shareholders” to grant QIC Private Capital a period of approximately three weeks to conduct due diligence on an exclusive basis.

This has been granted in order to establish whether an acceptable binding transaction can be agreed. The exclusivity period commenced on April 28 and may be extended for an additional period by mutual agreement.

The company is presently trading at AU$1.81 per share and has a market capitalisation of AU$458.47 million.

Superloop recently completed a $30 million equity raise to put towards future development plans.