Macquarie Asset Management, owners of Vocus, have teamed with Canadian pension fund PSP Investments for a $5-a-share bid for telco Uniti.
This comes after Morrison & Co made an offer last week, and tops their $4.50-a-share bid. Macquarie’s bid values the teclo at $3.6 billion.
Morrison was due to start its four-week exclusively window on Friday, however this was withdrawn after Macquarie made it bid, last Wednesday.
Morrison’s offer of $4.50 a share was “fair”, according to analysts at Ord Minnett, who say it is in line with other deals in the industry.
Ord Minnett said recent telco infrastructure transactions have “ranged between 15.5 times and 28 times forecasted earnings.”
Uniti’s shares jumped 1.9 per cent to $4.30 after the news was announced today.
