Uniti Wireless (UWL) shares jump on takeover talks
UWL +27.3%: this morning The Australian reported that the telco had received a takeover offer from an unnamed bidder. Shares were placed in a trading halt soon after the open, and by mid-afternoon the company had confirmed that infrastructure group Morrison & Co had put forward a $4.50/sh offer, a 42% premium to yesterday’s close, though it was trading at that level in January this year. Morrison & Co is a serious bidder having been amongst the buyers of a stake in Telstra’s towers business last year. They get a chance to cross check the numbers with due diligence expected to last for 6 weeks. There’s also rumours Macquarie backed Vocus was having discussions while there is plenty of money searching for a home in infrastructure assets, Morrison & Co’s bid could be the domino that brings other interested parties to the table.
