Vocus has referred TPG to the Australian Competition and Consumer Commission after the telco sought to block the acquisition of Amcom.
TPG announced today that it had increased its equity interest in Amcom to 18.6 per cent. In a statement issued to the ASX the telco said it was a “longstanding shareholder of Amcom” and intended to vote against Vocus’ acquisition of Amcom.
“TPG supports the continued operation of Amcom as a standalone business under the stewardship of the current board of directors and management team,” TPG’s statement said.
TPG said it had no intention of making a counter-offer for Amcom.
Vocus retorted that it remained committed to acquiring Amcom.
“As stated in the past, Amcom and Vocus are highly complementary businesses and the Amcom Board continues to recommend that shareholders vote in favour of the [Scheme of Arrangement] in the absence of a superior proposal.”
Vocus will “continue to pursue a successful conclusion to the merger with Amcom and will update shareholders as appropriate”.
Vocus took a 10 per cent stake in Amcom in October. In December it announced it would seek to acquire the remaining 90 per cent of Amcom.
TPG is having acquisition woes of its own, with its buyout of iiNet under threat from M2.