Uniti agrees to takeover bid

FILE PHOTO: A board displaying stock prices is seen at the Australian Securities Exchange (ASX) in Sydney, Australia, Feb. 9, 2018. REUTERS/David Gray/File Photo

SYDNEY: Australian fibre cabling firm Uniti Group Ltd has agreed to a A$3.62bil (US$2.7bil or RM11.4bil) takeover by a consortium led by HRL Morrison & Co and Brookfield Infrastructure Partners.

The Adelaide-based residential broadband provider had agreed to a deal at A$5 (RM15.76) per share, which represents a 58.7% premium to its undisturbed trading price on March 14. That’s an improvement from an earlier A$4.50 (RM14.18) per share offer from the consortium first tabled in March.