The $85 billion manager made an indicative proposal to acquire an ASX-listed internet infrastructure company.
Superloop granted QIC an exclusive due diligence period of three weeks starting April 28, after receiving an indicative offer on April 2 for $1.90 per share and a revised offer of 5 cents higher on April 26.
Superloop (ASX: SLC) designs, builds and operates networks in Asia Pacific metros and services retail, wholesale and business clients. It has about 253 million shares on issue and QIC's offer of $1.95 per share would value the company at $493 million.
The revised indicative proposal offers two forms of consideration to Superloop: full cash or partial cash and partial scrip in a newly-formed, unlisted entity.
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Superloop is using Gilbert + Tobin as its legal adviser and Merrill Lynch Markets Australia as the financial advisers.
The revised indicative proposal is subject to conditions and is incomplete, Superloop said in a statement.
It may extend the due diligence period granted to QIC by mutual agreement.
Superloop generated $60.3 million in revenue in first half if FY19, which was an increase of 18% year on year.
Before taxes, it made a loss of $11.8 million for the period.
EBITDA was down to $4.5 million as it moved towards connectivity and broadband instead of being a managed services business.