iiNet poised to announce acquisition

Internet service provider iiNet has been granted a voluntary suspension of its shares pending news of a potential acquisition.

Internet service provider iiNet has been granted a voluntary suspension of its shares pending news of a potential acquisition.

The company's shares have been in a trading halt since Wednesday.

The request for a voluntary suspension from Friday was made "pending the release of an announcement in relation to a potential acquisition", iiNet said on Friday.

It is suspected iiNet is the preferred bidder for Australian Capital Territory telco TransACT.

TransACT provides communication services to 150,000 residential customers, 50 federal and state government agencies and over 5000 small businesses.

More about: ACT, iiNet

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