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AGL Energy withdraws nonbinding offer to buy Vocus

AGL Energy Ltd. has withdrawn its nonbinding offer to acquire Vocus Group Ltd. after the parties failed to agree on due diligence terms.

According to a May 31 news release, AGL initially made a confidential, nonbinding indicative offer to Vocus to access due diligence materials in order to decide whether it should proceed with a binding offer or not. The move was part of the company's plans to assess growth opportunities to support its strategy.

The Australia-headquartered telecom company is also an acquisition target of EQT Infrastructure, which offered to buy Vocus for about A$3.3 billion.

EQT Infrastructure is a fund managed by private equity firm EQT Partners AB.