May 2, 2019 / 11:32 PM / 7 months ago

Australia's Superloop in $345.5 million takeover talks with investment manager

(Reuters) - Superloop Ltd said on Friday it received a revised takeover offer from QIC Private Capital Pty Ltd of A$493.9 million ($345.53 million) for the telecommunications infrastructure company.

Superloop said the investment manager raised its non-binding conditional and indicative proposal to A$1.95 per share from A$1.90 it offered at the start of April. The offer marks a 7.7 percent premium to Superloop’s last close on Thursday.

The revised offer gives Superloop shareholders an option to receive the consideration fully in cash, or partially in cash and scrip of the newly formed unlisted entity.

Superloop, which also operates in Singapore and Hong Kong, has granted QIC access to its books for about three weeks.

Merrill Lynch Markets (Australia) Pty Limited is serving as the company’s financial adviser.

Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Bernard Orr

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