TPG takeover offer of iiNet approved
SHAREHOLDERS of internet services provider iiNet have overwhelmingly approved a proposed $ 1.6 billion takeover of the company by TPG Telecom.
A merger of iiNet and TPG will create Australia’s second biggest fixedline internet provider, behind Telstra.
iiNet shareholders met in Perth yesterday to vote on a scheme of arrangement under which TPG will acquire all of the iiNet shares that it does not already own.
Just over 95 per cent of the votes cast by iiNet shareholders were in favour of the scheme of arrangement.
The takeover proposal still requires approval from the competition watchdog, along with the Federal Court.
“The takeover process we have been through over recent months demonstrates how strategically valuable iiNet has become to national players in the telecommunications sector as the industry heads towards an inevitable consolidation phase,” iiNet chairman Michael Smith said.