TPG takeover of­fer of iiNet ap­proved

Townsville Bulletin - - NEWS -

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.

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