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Australia: iiNet shareholders back the $2 billion TPG takeover

By  |  July 27, 2015

In the end, it was an offer too good to refuse for iiNet founder Michael Malone. On Monday he joined the vast majority of other shareholders in backing the $1.56 billion takeover offer for the company from TPG Telecom despite having publicly slammed the bid in its early stages.

At a sparsely attended shareholder meeting in Perth on Monday morning, iiNet shareholders provided overwhelming support for the offer, with 95 per cent of votes lodged in favour.

Mr Malone, who founded the telco in his parent’s Perth garage in 1993, had been a firm opponent to TPG’s original $1.4 billion all-cash bid in March but said the iiNet board had drawn out a better offer after listening to shareholder concerns.

Full content: The Australian

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