Australia’s Uniti Group, a diversified provider of telecommunications services, has agreed to a nearly A$3.6 billion ($2.7 billion) takeover offer from a consortium consisting of Brookfield Asset Management and Morrison & Co., according to Reuters.
Under the deal, Uniti shareholders will receive A$5 ($3.7) per share, representing a premium of 58.7 percent to the stock's closing price on March 14. The consortium had previously bid A$4.50 ($3.3) per share, before being counteracted with a bid of A$5 ($3.7) per share by Macquarie Group and the Public Sector Pension Investment Board (PSP), one of Canada’s largest pension investment managers.
The updated bid values Uniti’s equity at A$3.6 billion ($2.7 billion).
IREI understands that Uniti's board has unanimously recommended that its shareholders now vote in favor of the Brookfield/Morrison & Co. offer. The Australian Financial Review reported that Uniti’s board has been reluctant
