KKR makes US$1.7b bid for struggling Australian Internet firm Vocus

Sydney

PRIVATE equity giant KKR & Co LP made a US$1.66 billion takeover approach for Australia's embattled No 4 Internet company Vocus Group Ltd, the target said, sparking a bounce in its shares which have been hit by earnings downgrades.

The Sydney-listed owner of the iPrimus internet and mobile phone brand said KKR made an indicative cash offer of A$3.50 per share, a premium to its closing price the previous day but nearly two-thirds below its A$9.36 close a year earlier.