M2 hunting for a takeover following TPG’s iiNet deal

AustraliaIT News — M2 Group chief executive Geoff Horth is on the prowl for potential acquisitions in both the telco and energy markets in the wake of TPG’s approved takeover of iiNet. The deal, described as “bittersweet” by iiNet founder Michael Malone, will see Optus, Telstra and TPG/iiNet claim a combined total of around 80 percent of the Australian broadband retail market.

http://www.itnews.com.au/News/408490,m2-hunting-for-a-takeover-following-tpg8217s-iinet-deal.aspx

Disconnecting from the internet of stupid things, from AU

AustraliaIT News — Carwardine joined the Navy at 15 and spent the next 15 years on Naval destroyers and in submarines before deciding to pack it all in to write code for Qantas. Turns out being underwater and being a father were not compatible occupations. But there are a few parallels between manning a military vessel and heading up IT and network operations for a multi-channel telecommunications group.

http://www.itnews.com.au/CXOChallenge/405652,disconnecting-from-the-internet-of-stupid-things.aspx

TPG boosts iiNet bid to $1.56bn, wins board’s backing

AustraliaTPG has upped its bid for iiNet to $1.56 billion and offered shareholders a choice of shares or cash, gaining the iiNet board’s support for its new bid over that of rival M2. iiNet last week gave TPG a chance to increase its March $1.4 billion all-cash offer after receiving a $1.6 billion scrip-based bid from M2. Today iiNet announced TPG had boosted its offer to $9.55 per iiNet share, including a $0.75 special dividend.

http://www.itnews.com.au/News/403588,tpg-boosts-iinet-bid-to-156bn-wins-boards-backing.aspx

iiNet board gives TPG chance to raise bid, from AU

AustraliaiiNet’s board has today given TPG an opportunity to raise its $1.4 billion bid for the company to either match or better rival M2’s $1.6 billion offer. M2 sparked a potential bidding war for iiNet this week when it revealed it had exceeded TPG’s March offer with an all-scrip $1.6 billion bid for the in-demand internet service provider. The deal would see iiNet shareholders receive 0.803 of an M2 share per iiNet share and a 75c special dividend.

http://www.itnews.com.au/News/403329,iinet-board-gives-tpg-chance-to-raise-bid.aspx

M2 pledges to keep iiNet brand alive, from AU

AustraliaM2 CEO Geoff Horth has promised to maintain the iiNet brand as a standalone operation and preserve its much-touted customer advocacy should its $1.6 billion offer for the company be accepted. The ISP today made a play for its rival following TPG’s March all-cash offer to take over iiNet for $1.4 billion. In its own offer, made public today, M2 took heed of shareholder concerns about the future of iiNet’s customer service and advocacy should the offer from low-cost operator TPG be accepted.

http://www.itnews.com.au/News/403208,m2-pledges-to-keep-iinet-brand-alive.aspx

M2 makes $1.6bn play for iiNet, from AU

AustraliaInternet service provider M2 Telecommunications has sparked a bidding war for iiNet, coming in with a higher, all-scrip offer than TPG’s March offer of $1.4 billion.  M2’s play at iiNet today offered $11.37 per share, giving the company an enterprise value of $2.25 billion. Excluding $1.37 per share of estimated synergies, the deal sits around $1.6 billion. TPG in March offered to take over iiNet in an $1.4 billion all-cash deal. M2 today said it would operate iiNet as a standalone brand, and had extended an offer for two iiNet directors to join its board, should the deal go through.

http://www.itnews.com.au/News/403203,m2-makes-15bn-play-for-iinet.aspx

Telco bosses hound Govt on data retention costs

AustraliaSixteen chief executives from Australia’s top phone and internet providers have banded together to demand the Government come clean on how much it plans to contribute towards the cost of its data retention scheme. The telco CEOs today penned a letter to Attorney-General George Brandis and Communications Minister Malcolm Turnbull to demand transparency on the funding allocation ahead of the planned debate of the proposed legislation in the House of Representatives tomorrow.

http://www.itnews.com.au/News/401702,telcos-bosses-urge-govt-to-come-clean-on-data-retention-funding.aspx