Report
Brian Han
EUR 100.00 For Business Accounts Only

Barbarians at Vocus' Gate

Shareholders need not take any action in relation to Kohlberg Kravis Roberts', or KKR's, indicative proposal to acquire narrow-moat Vocus at AUD 3.50 per share. It is one we see as following a typical private equity playbook—lob an indicative offer, litter it with an exhaustive list of conditions, and hope there are no competing bids while it takes a look under the bonnet (assuming it is allowed due diligence). The risk for KKR is the playbook may not go to plan.
First, the AUD 3.50 indicative ...
Underlying
Vocus Group Limited

Vocus Group is a telecommunications provider, providing telecommunications and other services to customers across Australia and New Zealand.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Brian Han

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