Australian telco Vocus has received a $3.4 billion takeover offer.

Macquarie Infrastructure and Real Assets Holdings (MIRA) has offered $5.50 a share for Vocus in a non-binding indicative takeover offer - a substantial increase from its value at the time the bid was made. 

Vocus’ board has moved to explore the offer, granting MIRA due diligence access so that it can work on a binding proposal. 

“The board notes that the proposal is subject to a number of conditions including satisfactory completion of due diligence by MIRA; MIRA securing debt financing; unanimous recommendation by the Vocus board; and entry into a mutually acceptable scheme implementation agreement,” Vocus said. 

Vocus received offers from both EQT and AGL Energy in 2019, neither of which were successful. 

Last financial year, Vocus posted a loss of $178.2 million, with its 2020 revenue having dropped 6 per cent year-on-year to $1.78 billion.