Morrison & Co Make $3 Billion Takeover Offer For Uniti
Morrison & Co has made a A$3 billion takeover bid for broadband services provider Uniti, which is led by former Vocus chief executive Vaughan Bowen.
The $4.50-a-share transaction is subject to due diligence, board approval, and Foreign Investment Review Board approval.
“The board notes that it is uncertain that the indicative proposal will result in an offer to Uniti shareholders,” the company told investors on Tuesday.
“In the meantime, Uniti shareholders should not take any action in relation to the indicative proposal.”
Uniti shares rose 27 per cent in trading after the deal was made public. The company’s market value sits at $2.14 billion.
Morrison & Co is a New Zealand-based asset manager, with clients such as the Future Fund and Sunsuper. They purchase a holding in Telstra’s telco towers business, Amplitel, last year.
“Last year was astonishing, not just at Morrison & Co, but across the entire industry. There’s been huge inflows into funds, huge investment activity,” chief commercial officer Nicole Walker told The Australian in January.
“I don’t think it’s going to slow down. We, and the industry as a whole, have a lot of dry powder to spend.
“So I think deal activity will be significant not just in Australia but globally across the spectrum.”