Superloop and Queensland Investment Corporation (QIC), an investment company owned by the Queensland government, were unable to agree to a deal and have ended the period of exclusivity.
Superloop said in a statement to the ASX that it had received an original offer from QIC on April 2 to purchase the company at AU$1.90 a share, before it was upped to AU$1.95 on April 26.
The company previously said there was no certainty the revised offer would result in a sale.
"It was the view of the board of Superloop at that time it was in the best interests of Superloop shareholders to engage with QIC and provide them with a limited period of exclusivity to conduct due diligence in order to establish whether an acceptable binding transaction could be agreed," Superloop said.
"The board in discussions with QIC have been unable to agree to a transaction and on that basis, the parties have decided to discontinue the period of exclusivity."
For the most recent financial year, Superloop reported its revenue had more than doubled, up 109% to AU$125.2 million for FY18.
Net profit for the company was AU$7.1 million, up from a net loss of AU$1.2 million a year prior, while earnings before interest, tax, depreciation, and amortisation (EDITDA) was AU$29 million, up from AU$4.6 million following its acquisitions of NuSkope, GX2 Technology, BigAir, and SubPartners.
During the 2018 financial year, Superloop added 671km of fibre across its terrestrial networks, growing from 217km to 242km in Australia; from 176km to 190km in Singapore; and from 221km to 239km in Hong Kong. It also invested AU$21.8 million in long-term network and capacity agreements -- AU$1.7 million in Singapore, AU$8.6 million in Hong Kong, and AU$11.5 million in international.
At the time of writing, Superloop was down by 9% on the day to AU$1.76.
An unsolicited offer of AU$1.95 per share has seen Superloop give QIC Private Capital three weeks to conduct due diligence.
The final splice of the Indigo subsea cable system is expected to take place in late December, Superloop has said, announcing an FY18 net profit of AU$7 million on revenue of AU$125 million.
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