Spirit Telecom has rejected an acquisition proposal from Adelaide telco Uniti Wireless as it plans its own acquisition.
The Melbourne-based telco said it has moved into a trading halt in relation to the acquisition of “a complementary unlisted business”, and rejected Uniti’s proposal in the process.
“Spirit Telecom announces it has rejected a preliminary, indicative, non-binding and conditional proposal to acquire all of the shares of Spirit from Uniti Wireless by way of a scheme of arrangement,” the telco said in a statement.
“Spirit recognises that any scheme of arrangement requires the overwhelming support of shareholders in order for it to proceed.”
The company added it intends to proceed “with the normal course” of its operations, including organic growth and acquisitions.
Uniti Wireless confirmed last week it was in talks to acquire Spirit Telecom, responding to “capital markets speculation”.