Private equity giant KKR & Co LP (KKR.N) made a $1.66 billion takeover approach for Australia’s embattled No. 4 internet company Vocus Group Ltd (VOC.AX), the target said, sparking a bounce in its shares which have been hit by earnings downgrades.

The Sydney-listed owner of the iPrimus internet and mobile phone brand said KKR made an indicative cash offer of A$3.50 per share, a premium to its closing price the previous day but nearly two-thirds below its A$9.36 close a year earlier.

Vocus now must decide whether to accept the offer, wait for a rival approach or convince investors its own $2.4 billion takeover spree since 2014 will ultimately pay off.

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