Vocus has seen another potential buyer of its business walk away as AGL has withdrawn the AU$4.85 per share offer it put forward last week.
Following its proposal, AGL was offered exclusive due diligence access for four weeks.
"We believe there will be material opportunities for AGL as energy and data value streams continue to converge and the traditional energy sector accelerates its transformation," AGL told the ASX on Monday morning, a week into its diligence.
"The approach to Vocus reflected our view that the Vocus asset base has attributes that could support the execution of this strategy and benefit our customers.
"However, we are no longer confident that an acquisition of Vocus at the proposed terms would represent sufficient certainty of creating value for AGL shareholders."
AGL had previously said its proposed purchase would allow it to offer data and energy bundles to enterprise customers, and that it expected the company to have a positive impact on its earnings within the first year.
Earlier this month, EQT Infrastructure walked away from a AU$5.25 proposal after conducting due diligence.
In its half-year results announced in February, Vocus reported revenue as being up 1% to AU$974 million, while underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) was down 10% to AU$171 million, and statutory earnings before interest and tax was down a third to AU$50 million.