Uniti Group will engage with a $3.4 billion takeover bid from an investment group led by New Zealand’s HRL Morrison, ending talks with rival suitor group led by Macquarie Asset Management amid fears they could weaponise sensitive details to benefit their existing telecoms interests.

The mid-tier telco said Morrison & Co and its partner, Brookfield, had lifted their offer to $5 per share from $4.50 on Tuesday. The new offer matched what Macquarie and PSP Investments – known as the Connect Consortium – proposed last week when they entered the fray for the fibre-optic cable play.