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Reuters
Reuters
Business

Shares in Australia's Vocus drop over 15 percent after EQT withdraws takeover offer

FILE PHOTO: The corporate logo of communications company Vocus is photographed at their Sydney headquarters, Australia, August 22, 2017. REUTERS/Jason Reed

SYDNEY (Reuters) - Shares in Australian telecoms firm Vocus Group Ltd dropped more than 15% on Wednesday, the most in over two years, after Swedish private equity firm EQT Infrastructure withdrew its A$3.3 billion ($2.31 billion) buyout offer.

Vocus told the market late on Tuesday EQT had withdrawn its offer after a period of due diligence, making it the fourth suitor to drop its bid for the company in the past two years.

Shares fell 17.6% soon after the market opened before recovering to A$3.88 per share in early trading.

(Reporting by Paulina Duran; Editing by Paul Tait)

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