Uniti Wireless counters rival bid for Opticomm

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Uniti Wireless counters rival bid for Opticomm

Telco services provider Uniti Wireless has revised its offer to acquire fibre broadband network builder OptiComm, matching a recent offer from a rival bidder.

The Adelaide-based company increased its offer to $6.67 per share, or just under $700 million, countering Aware Super’s $6.50 per share offer from earlier this week.

Uniti said its board elected to increase the price after Aware Super made its counter-offer, exercising its matching rights as laid out in a 15 September proposal.

“The Uniti board has high conviction that its increased offer is in the best interests of Uniti shareholders, both economically and strategically,” the ASX announcement read.

OptiComm said its directors unanimously recommend to vote in favour of Uniti’s updated proposal unless a superior offer has been made.

Uniti first announced its intention to acquire OptiComm in June 2020 in a bid to compete with NBN Co, offering $5.20 or $532 million for the network provider. Superannuation fund First State Superannuation (FSS), now known as Aware Super, stepped in in September with an offer of $608 million or $5.85 per share.

Uniti matched the $5.85 per share offer in the same month, with Aware Super again increasing its offer to $6.50 on 12 October.

OptiComm plans to hold its scheme meeting on 6 November 2020, after having to postpone the original 22 October date. The acquisition is expected to close on 23 November.

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