It seems everyone wants a piece of the Australian Internet provider, iiNet.
Just more than a month after TPG Telecom announced its intention to purchase iiNet, the communications company, M2 Group, has thrown its hat in the ringAccording to a report in Fairfax Media, M2 has made a bid for 100% of the Perth-based company, in an all-share deal valued at more than A$1.6 billion.
See also: TPG plans to buy iiNet in massive Australian Internet shake-up
M2, which owns the Dodo and iPrimus brands, has put a price on iiNet shares of A$11.37. TPG had offered to purchase iiNet shares for A$8.60 each, and A$1.4 billion cash total. Under the M2 deal, iiNet shareholders would receive 0.803 M2 shares plus a $0.75 special dividend for each iiNet share, and around 42% of the enlarged M2 Group. M2 also offered to allow two iiNet directors to join the M2 board. Read more…
More about Australia, Us World, Iinet, Tpg, and M2
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