Uniti Wireless’ acquisition of Opticomm has come under threat as a super fund puts $100 million more on the table for the wholesale network infrastructure operator.
First State Superannuation Scheme has made an offer of 100 per cent cash at $5.85 per share for Opticomm, a value of $608 million.
This significantly outbids Uniti’s June offer of $507 million, which consisted of $407 million cash and 84 million Uniti shares, based on the price of $5.10 per share.
As of 8 September, Opticomm’s Australian Securities Exchange share price stands at $5.115.
The Uniti deal was originally set to be voted on by Opticomm shareholders this month at a shareholder scheme meeting on 10 September, but this has now been postponed.
The Scheme Implementation Deed (SID) between Opticomm and Uniti will however remain in place for the foreseeable future.
Uniti told shareholders it remained committed to the acquisition, while Opticomm entertains discussions with FSSS.
Founded in 2005 in Port Melbourne, Opticomm is an independent carrier specialising in supplying FTTP network solutions to new residential and business units.
Uniti’s CEO Michael Simmons described Opticomm as highly complementary to the company’s existing fibre infrastructure business, providing an embedded pipeline of funded organic growth.