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Australia: iiNet chairman says opposition to takeover is gone

By  |  June 16, 2015

iiNet chairman Michael Smith says opposition to a $1.56 billion takeover by TPG Telecom has melted away and that he expects competition regulators to approve the deal.

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    TPG on Monday suffered a blow when its attempt to scuttle the $1.2 billion merger between Amcom Telecommunications and Vocus Communications was defeated.

    But TPG’s bigger deal to buy iiNet for $1.56 billion and become Australia’s second-biggest provider of fixed-line broadband is enjoying far more success.

    The takeover has been forced to overcome major opposition from iiNet founder Michael Malone and key shareholders as well as a rival bid from M2 Group, which owns Dodo and iPrimus.

    Full content: ZDnet

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