Morrison Increases Uniti Bid, As Macquarie Talks End
Morrison & Co. have increased their takeover bid for telco Uniti from $4.50 per share to $5 per share, following a bid at the latter price from Macquarie and PSP Investments.
Morrison has teamed with the Brookfield Consortium for the revised bid, with the understanding that Uniti ceases talks with Macquarie and PSP (known as the Connect Consortium), over fears that sensitive information may be revealed during due diligence.
Such information could benefit telco Vocus, which Macquarie owns 50 per cent of.
“The board has determined it is in the best interests of Uniti shareholders to engage with the Morrison/Brookfield Consortium,” Uniti said.
“The Morrison/Brookfield Consortium is particularly concerned at the prospect that the Connect Consortium may receive access to competitively sensitive information of Uniti.
“Macquarie Infrastructure and Real Assets Holdings is a member of the Connect Consortium and an affiliated fund holds a 50 per cent ownership interest in Vocus Group Limited, a competitor of Uniti.”