Australia’s Uniti sweetens OptiComm takeover offer to $495m

Photo by Chronis Yan on Unsplash

Uniti Group Ltd hiked its takeover offer for OptiComm Ltd on Thursday to A$694.2 million ($495.38 million), nearly 3% higher than pension fund Aware Super’s bid, ratcheting up the battle for the fibre infrastructure provider.

The telecom services firm announced cash plus stock offer of A$6.67 per share for OptiComm, its third offer, coming three days after Aware Super made an improved A$6.5 offer.

OptiComm said it will back Uniti’s “superior” offer.

Under the revised bid, Uniti will pay A$5.2 per share in cash and 1.07 of its shares for each OptiComm share.

An Aware Super spokeswoman said the company was assessing the situation but had no further comment for now.

Uniti said it will fund the improved offer by increasing its committed debt facilities by A$40 million and issuing an extra 26 million shares.

It still expects A$10 million in cost savings and double-digit boost to its earnings per share in fiscal 2020.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.