TPG makes bid for iiNet

TPG has made a bid for its west coast rival, to cement its position as the number two broadband provider to Telstra.

Since TPG Telecom bought its 6% stake in iiNet in 2011 it has no doubt been waiting for the right moment to pounce – and now it’s sensed an opportunity, following the departure of iiNet’s founder and chief executive Michael Malone in March last year and a 20% fall in iiNet’s share price since December due to a deteriorating earnings outlook.

TPG has offered $8.60 (plus div) for iiNet

Deal makes sense; subject to ACCC review

Maintaining Hold on both stocks

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