Pipe Networks has now scheduled a shareholder meeting for March 12, during which the company’s shareholders will vote on whether to accept a $373 million takeover offer from TPG.
Both companies require 75% of the vote in order for the deal to proceed, but Pipe’s board and management have encouraged shareholders to approve the deal.
A Scheme Booklet for shareholders also contains a review from Ernst & Young, which claims “the Scheme is fair and reasonable, and that the Scheme is in the best interests of Pipe Shareholders, other than TPG Telecom Limited, in the absence of a superior proposal”.
If the deal is approved, it is expected Pipe Networks will appear before the Brisbane Supreme Court in March to acquire remaining shares.
ABOUT THE AUTHOR
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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