Swedish private equity company EQT has pulled its bid for ASX-listed Vocus, just one week into a due diligence process.
However, there has been immediate speculation in the Australian business press that one of two rival suitors could step forward.
One is utilities AGL Energy, in a deal that would have echoes of Intratil's $3.4 billion offer for Vodafone's New Zealand business.
The other is Canadian infrastructure investment company Brookfield, which is already involved as a 50:50 partner with Infratil in its Vodafone NZ play.
But as things stand, no alternative offer is on the table.