Ultimately, Vocus told its shareholders that although the bidders indicated support for its management's strategic plans and transformation program throughout the due diligence process, both bidders advised that they were "unable to support a transaction on terms acceptable to the board".
At the same time, the company has become entangled in a legal case brought against it, and its subsidiary, Nextgen Networks, by IBM, over the companies' respective roles in the troubled 2016 eCensus portal project, for which IBM was the tech lead.
In a legal action filed with the NSW Supreme Court late last year, IBM Australia alleges that Nextgen Networks and Vocus Communications were negligent and in breach of contract in relation to their work associated with the 2016 eCensus portal.
The court documents also reveal that IBM wants Nextgen Networks to pay for the settlement it reached with Australian Government over the Census troubles, alleging that Nextgen Networks is liable for the claim brought against IBM by the Australian Bureau of Statistics (ABS).
While the value of the settlement has not been disclosed, it is understood to be worth millions.
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