Publicly listed Aussie Broadband has put forward an acquisition offer for Symbio, penning $3.15 per Symbio share.
At roughly 86 million shares, this values the deal at about $270.9 million.
In August, Superloop made an offer to the tune of $2.85 per share, valuing the deal at about $243 million.
Superloop’s board said it believed the transaction would create “a leading telecommunications company with a compelling breadth of services and strengthened customer proposition”.
Under Aussie’s proposal, shareholders will stand to receive $2.36 in cash and $0.192 Aussie Broadband share for each Symbio share held.
Under the indicative proposal, Symbio could also pay a fully franked dividend to their shareholders prior to the scheme of implementation of up to $0.35 per ordinary share.
The proposal is subject to a number of conditions including due diligence, entering into a Scheme of Implementation Deed and unanimous recommendation from the Symbio board.
So far, the Symbio board has indicated it has considered the indicative proposal, intends to pursue it and recommend it to shareholders.
As a result, the two have entered into an exclusivity and process deed for three weeks, which includes no-shop, no-talk, and notification requirements as well as a work fee.