Queensland government-owned fund manager QIC has made a A$494m (€309.6m) offer for listed telecommunications company Superloop.

Superloop said QIC made its first offer of A$1.90 per share last month, but it has since revised this to A$1.95. Superloop’s closing share price upon receipt of the initial proposal (as at April 2. 2019) was A$1.465.

QIC is bidding on behalf of its global infrastructure fund and clients.

The company said QIC had offered two options to shareholders. They could either receive all cash for their shares or part cash and part scrip in a newly formed, unlisted entity.

After a “careful” review of the revised offer with its advisers, Superloop said its board “has determined that it is in the best interests of Superloop shareholders to grant QIC a period of approximately three weeks to conduct due diligence on an exclusive basis”.

Superloop owns and operates more than 670km of carrier-grade metropolitan fibre networks in Australia, Singapore and Hong Kong.