TPG Telecom stated an extended due diligence period granted to Australia-based fibre company Vocus Group regarding an AUD6.3 billion ($4 billion) offer to acquire various assets had expired, as talks between the pair continue.
In a stock market filing, TPG Telecom noted discussions are centred on commercial terms and Vocus Group’s bid of AUD6.3 billion could be subject to change.
The fibre company launched a bid in August to acquire parts of TPG Telecom’s Enterprise, Government and Wholesale assets, in addition to fixed network infrastructure, and was set a deadline of 6 September to conduct due diligence.
TPG Telecom then granted an extension to 4 October.
In the latest update, TPG Telecom said its security holders should be “aware that the nature of the transaction involves considerable complexity which needs time to work through and there remains no certainty an agreed transaction will eventuate”.
Reuters reported if a deal is reached, a combined entity could hold an enterprise value of up to AUD9 billion.