Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Morrison, now with Brookfield on a 50/50 basis, have matched Macquarie Asset Management's Real Assets division / Public Sector Pension Investment Board's $5.00/share Offer for <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>.</li>
<li>The revised proposal was predicated on Uniti severing talks with Macquarie as it may get access to competitively sensitive information. Uniti's board has acquiesced - "at this time". </li>
<li>Share pulled back on the news and closed at a 7.8% gross spread to the indicative terms. </li>
</ul>


Morrison, now with Brookfield on a 50/50 basis, have matched Macquarie Asset Management's Real Assets division / Public Sector Pension Investment Board's $5.00/share Offer for Uniti Group Ltd (UWL AU).
The revised proposal was predicated on Uniti severing talks with Macquarie as it may get access to competitively sensitive information. Uniti's board has acquiesced - "at this time". 
Share pulled back on the news and closed at a 7.8% gross spread to the indicative terms. 


Uniti (UWL AU): Macquarie Hung Out To Dry As Morrison/Brookfield Up Bid

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The Morrison/Brookfield's revised offer is A$5.00 cash per share which is in line with the offer from the Connect consortium. At last close, the gross spread is 7.8%. </li>
<li>The Board has decided to engage with Morrison/Brookfield but not with the Connect consortium. The Connect Consortium is said to have walked away, according to press reports. </li>
<li>Nevertheless, the emergence of another bidder cannot be ruled out as <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>’s recurring revenues, cash flows and strong balance sheet is enticing for private equity bidders.  </li>
</ul>


The Morrison/Brookfield's revised offer is A$5.00 cash per share which is in line with the offer from the Connect consortium. At last close, the gross spread is 7.8%. 
The Board has decided to engage with Morrison/Brookfield but not with the Connect consortium. The Connect Consortium is said to have walked away, according to press reports. 
Nevertheless, the emergence of another bidder cannot be ruled out as Uniti Group Ltd (UWL AU)’s recurring revenues, cash flows and strong balance sheet is enticing for private equity bidders.  


Uniti’s Revised A$5.00 Offer from Morrison/Brookfield

<ul>
<li>The Connect consortium will offer A$5.00 cash per share, an 11.1% premium to the Morrison &amp; Co indicative offer of A$4.50.</li>
<li>Brookfield has joined Morrison &amp; Co as joint bidders. This development suggests another round of bids for <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>.</li>
<li>The A$5m fee to break the Morrison/Brookfield exclusivity pales in comparison to Connect consortium’s A$340m premium to the Morrison/Brookfield offer. Expect Connect consortium to secure due diligence access. </li>
</ul>


The Connect consortium will offer A$5.00 cash per share, an 11.1% premium to the Morrison &amp; Co indicative offer of A$4.50.
Brookfield has joined Morrison &amp; Co as joint bidders. This development suggests another round of bids for Uniti Group Ltd (UWL AU).
The A$5m fee to break the Morrison/Brookfield exclusivity pales in comparison to Connect consortium’s A$340m premium to the Morrison/Brookfield offer. Expect Connect consortium to secure due diligence access. 


Uniti’s Indicative Bid from Connect Consortium to Set off a Bidding War?

<ul>
<li>Buying 13.5% below Morrison &amp; Co's Offer terms last week for Aussie broadband player <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> was the right call as a new (indicative, non-binding) proposal emerges.</li>
<li>
Macquarie Asset Management's Real Assets division and Public Sector Pension Investment Board are offering to acquire Uniti for $5.00/share, via a Scheme of Arrangement, an 11% premium to Morrison's tilt. </li>
<li>The Board of Uniti is currently considering the new proposal.  Morrison's four-week exclusivity period kicked off last Friday. </li>
</ul>


Buying 13.5% below Morrison &amp; Co's Offer terms last week for Aussie broadband player Uniti Group Ltd (UWL AU) was the right call as a new (indicative, non-binding) proposal emerges.

Macquarie Asset Management's Real Assets division and Public Sector Pension Investment Board are offering to acquire Uniti for $5.00/share, via a Scheme of Arrangement, an 11% premium to Morrison's tilt. 
The Board of Uniti is currently considering the new proposal.  Morrison's four-week exclusivity period kicked off last Friday. 


Uniti (UWL): Competitive Bidding Situation As Macquarie/PSP Proposal Emerges

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>A week ago, HRL Morrison made a non-binding, preliminary and highly conditional offer for <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> at A$4.5/share in cash, subject to due diligence and other conditions.</li>
<li>
<a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> traded up 10.7% today to A$4.67/share on high volumes and trading was halted an hour before market close.</li>
<li>News reports indicate that Macquarie Asset Management and PSP Investments are likely to make an offer at A$5/share. Expect an announcement in the next 24 hours.</li>
</ul>


A week ago, HRL Morrison made a non-binding, preliminary and highly conditional offer for Uniti Group Ltd (UWL AU) at A$4.5/share in cash, subject to due diligence and other conditions.

Uniti Group Ltd (UWL AU) traded up 10.7% today to A$4.67/share on high volumes and trading was halted an hour before market close.
News reports indicate that Macquarie Asset Management and PSP Investments are likely to make an offer at A$5/share. Expect an announcement in the next 24 hours.


Uniti Group (UWL): New Bidder in the Fray?

Australia

Uniti Group Limited provides broadband solutions. The Company offers internet access and other related services. Uniti Group serves customers in Australia.

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Uniti Group Ltd (UWL AU)

Uniti (UWL AU): Macquarie Hung Out To Dry As Morrison/Brookfield Up Bid

$5/share gets this transaction done. That bid is indicative. However, Morrison/Brookfield appears to be moving toward a firm Offer. I don't see MAM...

David Blennerhassett

Uniti’s Revised A$5.00 Offer from Morrison/Brookfield

The Morrison/Brookfield's revised offer is A$5. The Connect Consortium is said to have walked away. The emergence of another bidder still cannot be...

Arun George

Uniti’s Indicative Bid from Connect Consortium to Set off a Bidding War?

The Connect consortium will offer A$5.00, an 11.1% premium to the Morrison & Co indicative offer of A$4.50. Expect a bidding war. At last close,...

Arun George

Uniti (UWL): Competitive Bidding Situation As Macquarie/PSP Proposal Emerges

Trading ~7% below MAM/PSP's indicative terms - and 4% above Morrison's proposal. I'd still be a buyer of Uniti around here.

David Blennerhassett

Uniti Group (UWL): New Bidder in the Fray?

Uniti Group traded at A$4.67 before trading was halted. Reports indicate a Macquarie AM/PSP consortium could bid A$5. The stock will trade close to...

Brian Freitas

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