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.
Business News Australia
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