- Uniti (UWL) has sealed the deal on its $694.2 million OptiComm (OPC) takeover
- OptiComm shareholders approved the UWL buy today after competitor Aware Super pulled out of the race
- Now, it’s on to the Federal Court, where both parties will seek approval for the acquisition
- If that goes ahead next Thursday, November 12, OptiComm will look to the ASX to get its shares removed from the official list, while deed should go through a fortnight from now
- Under the offer, eligible OptiComm shareholders will receive a mix of cash and scrip
- On the back of the news, Unit closed 6.92 per cent in the green, with shares worth $1.39 each
- Meanwhile, OptiComm rose a slight 1.52 per cent to close priced at $6.70 per share
Uniti (UWL) has sealed the deal on its $694.2 million OptiComm (OPC) takeover.
OptiComm shareholders approved the UWL buy today after competitor Aware Super pulled out of the race. 96 per cent of OptiComm investors voted in favour of the deal — more than enough to give it the green light before the weekend.
Now, it’s on to the Federal Court, where both parties will seek approval for the acquisition.
If that goes ahead next Thursday, November 12, OptiComm will look to the ASX to get its shares removed from the official list. The deed should go through a fortnight from now on Friday, November 20.
Under the offer, eligible OptiComm shareholders will receive a mix of cash and scrip — specifically, 1.07 Uniti shares for every OptiComm share held, $5.10 in cash, and a 10 cent-per-share special dividend.
Today’s update comes just a few weeks after Uniti upped the stakes in a bidding war for OptiComm. Originally, the broadband provider submitted its offer unopposed, but a shock bid from Aware Super made it sweeten the deal.
That meant Uniti’s offer went from valuing OptiComm at $532 million to nearly $700 million. And after the buy goes through, Uniti should have around $70 million in the bank to support its future operations.
On the back of the news, Unit closed 6.92 per cent in the green, with shares worth $1.39 each. Meanwhile, OptiComm rose a slight 1.52 per cent to close priced at $6.70 per share.