Macquarie/PSP wanted a clear run at due diligence - and equal standing to competitor Morrison/Brookfield, which was a reasonable enough request in normal circumstances.
The problem was, Morrison said it would walk if Uniti agreed to the condition, according to Uniti’s account of the talks. Morrison reckons it should be able to firm up its offer inside the four week period.
So Uniti had to decide whether to stick with Morrison, already 10 days into diligence, or jump to the new bid.
