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M2 makes rival bid for iiNet
2015-04-27 11:20:00| Telecompaper Headlines
(Telecompaper) Australian telecommunications services group M2 confirmed it has submitted to Australian ISP iiNet an indicative, non-binding and confidential proposal to acquire 100 percent of iiNet. Under M2's proposal, iiNet shareholders would receive 0.803 M2 shares per iiNet share, plus AUD 0.75 cash per iiNet share by way of a special dividend paid to iiNet shareholders. This beats an earlier offer from TPG Telecom for iiNet worth AUD 8.60 per share, plus the AUD 0.105 dividend owed iiNet shareholders. M2's offer is worth in total AUD 1.6 billion, while TPG's values iiNet at AUD 1.4 billion.
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Category:Telecommunications