Uniti Group matches competing $600m offer to acquire OptiComm

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Uniti Group matches competing $600m offer to acquire OptiComm

ASX-listed telco Uniti Group has increased its offer to acquire fibre network company OptiComm to $608 million or $5.85 per share, matching a competing offer.

OptiComm, which operates a fibre-to-the-premises network across Australia, received an unsolicited acquisition bid from First State Superannuation (FSS) last week, just days before OptiComm shareholders were set to vote for Uniti’s proposal.

Uniti was given a chance to match the offer since it currently has a scheme implementation deed with OptiComm.

The new offer is a 12.5 percent premium over Uniti’s original offer of $532 million or $5.20 per share.

OptiComm said it is yet to receive a binding offer from FSS, so Uniti’s proposal is considered superior to the non-binding FSS proposal.

Speaking on the revised offer, Uniti managing director Michael Simmons said, “It is by now well understood that the combination of the Uniti and OptiComm businesses is both highly strategic and synergistic. We have been very thoughtful in preparing our revised offer, to ensure we have the best opportunity to secure the company we have sought to own for some time. To this end, the nearly 20 percent relevant interest we have secured in OptiComm delivers us a significant strategic stake in OptiComm.”

“We are excited and ready to complete the OptiComm acquisition over the coming weeks and to welcome the OptiComm team as part of the Uniti Group. I am more confident than ever of being able to realise the many benefits inherent in the acquisition and to taking up our position as the pre‐eminent challenger in the private fibre market.”

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