The Vocus Group Ltd (ASX: VOC) share price has rocketed to a 52-week high in a strong start to the year. Shares in the Aussie telco have climbed 34.1% higher in 2021 to outperform the S&P/ASX 200 Index (ASX: XJO).
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Why is the Vocus share price surging higher?
The big factor pushing the Aussie telco's value higher was a takeover offer from an investment consortium. That group of investors was lead by Macquarie Infrastructure and Real Assets (MIRA) and Aware Super.
Vocus received an offer to sell 100% of its share capital to the consortium for $5.50 cash per share. For context, the Vocus share price started the year at $4.08 per share before climbing to just shy of the takeover price. The $5.50 takeover price also represented a 25.6% premium to its last closing price of $4.38 per share on 5 February 2021.
March saw a key update from the Vocus Board in relation to the offer. The Board unanimously recommended that Vocus shareholders vote in favour of the Scheme Implementation Deed.
Shareholders will be given the opportunity to vote on the takeover at a scheme meeting, which is currently expected to be held in June. After which, if shareholders vote in favour of the scheme, its implementation would occur in July.
The takeover offer has seen the Vocus share price rocket higher to its current $5.47 per share 52-week high. That reflects the fact that investors think the takeover is highly likely to proceed as planned.
Foolish takeaway
The Vocus share price is currently sitting at a 52-week high. That comes after an update on the takeover received from the MIRA and Aware Super consortium.
Shares in the Aussie telco have rocketed 34.1% in 2021 compared to a 2.2% gain for the S&P/ASX 200 Index. The takeover should finalise later this year for $5.50 per share with the unanimous backing of the Vocus Board.
