Ann: Preliminary, indicative and non-binding proposal received, page-229

Small piece from Morningstar...

It remains to be seen if Vocus's (VOC.AU) operational update to investors provides enough for KKR to lift its indicative A$3.50/share offer, which looked decidedly low-ball, Morningstar says. But if other potential suitors have been hesitant about moving on telecom company due to skepticism about its turnaround plans, then the recent investor day probably hasn't allayed that even through there was nothing in the presentations to suggest problems aren't fixable, the investment-research firm says. Morningstar maintains a A$4.80 fair-value estimate, well ahead of the last A$3.57.