Uniti get go ahead from Opticomm shareholders for takeover, finally

Uniti get go ahead from Opticomm shareholders for takeover, finally

Uniti Group (ASX: UWL) can almost breathe a sigh of relief after fibre-to-the-premises (FTTP) network operator Opticomm (ASX: OPC) shareholders gave an overwhelming thumbs up to the group's takeover offer.

The move will effectively bring to a close a five-month battle for control of Opticomm.

At a scheme meeting the Uniti offer, which would value the Melbourne-based group at $694 million, accepting the offer was supported by 99.9 per cent of eligible shareholders.

"The implementation of the Scheme remains subject to approval by the Federal Court of Australia), and the satisfaction or, where capable, waiver of certain other customary conditions as outlined in the

Further Amended and Restated Scheme Implementation Deed lodged with ASX on 15 October," Opticomm said in statement to the ASX.

It said OptiComm had applied to the Court for approval of the scheme at a hearing scheduled for 12 November.

Uniti's bid to absorb Opticomm kicked off in June when made a $532 million bid for the company.

However, it found itself locked in a bidding war with Aware Super which launched its own takeover bid in early September valuing Opticomm at $606 million.

After tit-for-tat offers Uniti ifinally won out with this bid.

It marks a period of aggressive expansion for Uniti which, with a market cap of $617 million. market cap of $617 million, could see it more than double in size.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

 

 

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

Lendlease gains approval for $1.7b transformation of Queen Victoria Market precinct

Lendlease gains approval for $1.7b transformation of Queen Victoria Market precinct

Australian development giant Lendlease Group (ASX: LLC) has been gr...