By David Winning

SYDNEY--Vocus Group Ltd. said it received a takeover proposal from Macquarie Infrastructure and Real Assets Holdings Pty Ltd. and its managed funds that values its equity at 3.42 billion Australian dollars ($2.62 billion).

Vocus said it has agreed to explore a potential deal and has allowed MIRA to scrutinize its books, while cautioning there is no certainty this would result in a binding offer.

MIRA has made an indicative offer worth A$5.50 a share, representing a 26% premium to Vocus's closing stock price of A$4.38 on Friday.

Vocus has been preparing to spin off its New Zealand communications and energy business via an initial public offering by the end of its 2021 financial year. It said in November the move would provide balance sheet flexibility and the opportunity to review its long-term dividend policy.

Vocus has not paid a dividend since fiscal 2017 amid fixed-line revenue headwinds from the Australian government-owned national broadband network.

It reported a A$178.2 million net loss in FY 2020, primarily due to a A$202.1 million writedown of its Australian retail business on the uncertain outlook caused by the coronavirus pandemic.

Chief Executive Kevin Russell said in October that Vocus was on track to hit guidance for FY underlying earnings before interest, tax, depreciation and amortization of between A$382 million and A$397 million, an on-year increase of between 6.0% and 10%.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

02-07-21 1734ET