It certainly has been a disappointing month for the Vocus Group Ltd (ASX: VOC) share price.
The telco company's shares started the month at $4.59, but despite a decent gain today, they are now trading 27% lower at $3.34.
Why have Vocus' shares crashed lower this month?
Investors have been heading to the exits in their droves after the collapse of no less than two takeover approaches.
The first to collapse was a $5.25 per share offer from EQT Infrastructure initially made on May 27. Vocus granted EQT non-exclusive due diligence to enable it to make a decision on whether to put in a formal binding proposal. The company advised that this process was likely to take a number of weeks, but just one week later EQT terminated discussions.
The following week energy company AGL Energy Limited (ASX: AGL) made a non-binding, indicative proposal to acquire the company for $4.85 per share in cash.
Vocus granted AGL Energy due diligence, but just six days later the energy giant withdrew its proposal.
The company's managing director and CEO, Brett Redman, advised: "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. 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, following the due diligence, the company was "no longer confident that an acquisition of Vocus at the proposed terms would represent sufficient certainty of creating value for AGL shareholders."
Is this selloff a buying opportunity?
Whilst I'm not a fan of Vocus and would sooner buy Telstra Corporation Ltd (ASX: TLS) shares, one person that appears to see this selloff as a buying opportunity is the company's non-executive director, Matthew Hanning.
According to a change of director's interest notice, earlier this week Mr Hanning picked up 59,000 Vocus shares via an on-market trade for a total consideration of $180,643. This lifted the director's holding to a total of 500,000 shares.
