Super fund raises bid for OptiComm to $676M

Uniti Group managing director and CEO Michael Simmons

OptiComm has received a second acquisition bid from an Adelaide-based super fund, heating up its ongoing bidding war with Uniti Wireless.

Newly-rebranded Aware Super has raised its initial offer of $5.85 per share to $6.50 per share, giving a rough value of $676 million. 

The new price, which reflects OptiComm shares' recent surge in value to $6.26, adds another $68 million to the $608 million offer previously put down by the fund.

Uniti had initially matched Aware’s price, offering $624 million following a scrip rise, but now stands at a disadvantage in the tussle for the fibre-optic cable provider.

“OptiComm is an exceptionally well-run company that has established itself as a leader in the delivery of high-speed fibre-to-the-premises (FTTP) networks,” Aware said in a statement. 

“The roll-out of FTTP networks will continue to benefit from strong, long-term tailwinds, particularly the growing demand for high-speed internet from households and commercial properties.”.

OptiComm has yet to comment on the new offer to shareholders on the Australian Securities Exchange (ASX).