Shares in Australian telecoms firm Vocus Group Ltd dropped more than 15% on Wednesday, the most in over two years, after Swedish private equity firm EQT Infrastructure withdrew its A$3.3 billion ($2.31 billion) buyout offer.
Vocus told the market late on Tuesday EQT had withdrawn its offer after a period of due diligence, making it the fourth suitor to drop its bid for the company in the past two years.
Shares fell 17.6% soon after the market opened before recovering to A$3.88 per share in early trading.
Source: Reuters.com