QIC Ltd's exclusive look at Superloop's books has come to an end. It is understood the suitor's exclusivity deadline has passed and QIC and Superloop were unable to come to any agreement on a takeover.
It means Superloop is able to consider other interest - although it is not known where that would come from, or even if there are any other potential suitors waiting in the wings. TPG Capital and Brookfield - both reported elsewhere as potential acquirers - are not on the scene.
Superloop is expected to announce the end of the exclusive talks on Thursday.
QIC was granted an exclusive look at Superloop's books last month when it made a $1.95 a share indicative bid, which was higher than an earlier nibble at $1.90 a share.The offer valued Superloop's equity at $494 million. Superloop shares last traded at $1.93.
QIC was assessing the deal via its infrastructure team and infrastructure funds and were advised by Citi. While exclusivity has ended, the whole affairs shows that Superloop's board, which includes company founder and 27 per cent shareholder Bevan Slattery, is willing to consider corporate activity and at what price it thinks is fair to let a suitor in for a close look.
SLC Price at posting:
$1.93 Sentiment: Buy Disclosure: Held
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