iiNet enters trading halt ahead of TPG vote

Shareholders vote today on acquisition offer

iiNet has been placed in a trading halt ahead of a vote this morning on the ASX-listed Internet service provider's acquisition by TPG.

iiNet shareholders will vote on TPG's offer at 10am WA time — 12pm AEST.

Details of TPG's move to acquire iiNet were first revealed in March. The telco was forced to revise its initial offer after M2 also sought to acquire the ISP.

TPG's initial cash-only offer was replaced by an offer that included the option of either cash or a capped quantity of TPG shares

The revised offer received the unanimous backing of iiNet's board.

iiNet revealed last week that the offer of TPG shares had been subject to scale-back due to demand among iiNet shareholders.

The Australian Competition and Consumer Commission is examining whether the acquisition could have a negative impact on competition in the broadband market.

The ACCC revealed in June that its preliminary view is that the acquisition could lead to a substantial lessening of competition.

The initial announcement of TPG's move to acquire the ISP drew mixed reactions.

High-profile critics of the deal have included iiNet's founder, Michael Malone.

TPG has said that if the acquisition is successful, iiNet will live on as a premium brand.

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