OptiComm Ltd <OPC.AX> said on Monday that pension fund Aware Super raised its takeover offer to A$676.5 million ($488.70 million), sending its shares over 7% higher as the takeover battle heats up for the fibre infrastructure provider.
The A$6.5 per share offer represents a 9% premium to OptiComm's last closing price and is around 11% higher than an already improved offer made by Uniti Group Ltd <UWL.AX> in September of A$5.85 per share.
Aware Super had last offered A$5.85 a share as well.
OptiComm said Uniti, which kicked off the battle in June, has three days to come up with a counter offer.
Shares of the fibre-optic communications equipment provider have climbed nearly a quarter from Uniti's first offer, and are up as much as 7.4% in the first hour of Monday trade to A$6.4.
Uniti did not immediately respond to a Reuters request for comment. It is entitled to a A$6.1 million break fee if OptiComm decides to endorse Aware Super's offer.
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Himani Sarkar and Christopher Cushing)
