{"id":90252,"date":"1999-12-31T00:52:00","date_gmt":"1999-12-30T13:52:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/optus-set-to-be-pushed-to-3-slot-after-tpg-gets-voters-nod-to-takeover-iinet\/"},"modified":"1999-12-31T00:52:00","modified_gmt":"1999-12-30T13:52:00","slug":"optus-set-to-be-pushed-to-3-slot-after-tpg-gets-voters-nod-to-takeover-iinet","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/optus-set-to-be-pushed-to-3-slot-after-tpg-gets-voters-nod-to-takeover-iinet\/","title":{"rendered":"Optus Set To Be Pushed To #3 Slot After TPG Gets Voters Nod To Takeover iiNet"},"content":{"rendered":"

TPG is set to become Australia’s second largest ISP after Telstra after iiNet shareholders have approved a $1.56 billion takeover by the Sydney based Company.<\/p>\n

At a shareholder meeting in Perth this morning the TPG<\/p>\n

takeover offer won the votes, with 100.6 million in favour and 5.2 million<\/p>\n

against, 93% per cent of proxies were in favour of the deal.<\/span><\/p>\n

The deal went ahead despite several people voicing their<\/p>\n

objection to the proposed takeover which will see Optus relegated into the #3<\/p>\n

slot in Australia.<\/p>\n

TPG will now become a telecommunications powerhouse with 1.7<\/p>\n

million broadband subscribers and the power to reshape the Australian internet<\/p>\n

market.<\/p>\n

This places it behind Telstra’s 3 million accounts and ahead<\/p>\n

of Singtel-Optus’ 1.03 million users with M2 Group a distant fourth.<\/p>\n

Objections to the takeover came from Merlon Capital’s Hamish<\/p>\n

Carlisle and iiNet’s founder Michael Malone along with several major<\/p>\n

institutional shareholders including BT Investment Management, the3 original<\/p>\n

offer was based on $1.4 billion all-cash bid that was revealed back in March.<\/p>\n

The Australian Competition and Consumer Commission who is<\/p>\n

still investigating the deal is set to deliver their verdict on August 20th<\/p>\n

with insiders tipping a green light for the deal<\/p>\n

Fairfax Media said that once approval is given both parties<\/p>\n

will then immediately call for a court hearing to ratify the merger and<\/p>\n

finalise the deal.<\/p>\n

 IiNet chair Michael<\/p>\n

Smith had warned that any move to reject the deal would most likely result in<\/p>\n

the company’s share price collapsing.<\/p>\n

The Australian newspaper said that the Australian<\/p>\n

Competition & Consumer Commission has been studying the impact the deal<\/p>\n

could have on the competitive landscape of the $40 billion a year telecoms<\/p>\n

sector.<\/p>\n

<\/p>\n

ACCC chairman Rod Sims said he was aware of the criticisms<\/p>\n

about the proposed deal from some segments of the telco market, but he said the<\/p>\n

ACCC would not rush into handing down its decision before its scheduled release<\/p>\n

date.<\/o_p><\/p>\n

<\/p>\n

“We are cognisant of commercial pressures out there, but<\/p>\n

this is a big deal and it will permanently change the landscape so we have to<\/p>\n

fulfil our duties and assess it probably,” Mr Sims said.<\/o_p><\/p>\n","protected":false},"excerpt":{"rendered":"

TPG is set to become Australia’s second largest ISP after Telstra after iiNet shareholders have approved a $1.56 billion takeover by the Sydney based Company.<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,27],"tags":[],"class_list":["post-90252","post","type-post","status-publish","format-gallery","hentry","category-archive","category-internet","post_format-post-format-gallery"],"yoast_head":"\nOptus Set To Be Pushed To #3 Slot After TPG Gets Voters Nod To Takeover iiNet - Smart Office<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/optus-set-to-be-pushed-to-3-slot-after-tpg-gets-voters-nod-to-takeover-iinet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Optus Set To Be Pushed To #3 Slot After TPG Gets Voters Nod To Takeover iiNet - 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