There Could Be A Second Bid To Buy iiNet

iiNet is officially up for sale, and a wrestle between suitors may be on the cards after a rumoured bid in the works from telecommunications giant M2 Group.

The Australian Financial Review reports that M2 could launch a $1.5 billion bid to wrest iiNet away from TPG, who recently offered to buy the ISP for $1.4 billion.

At the time of writing, iiNet's share price sat at $8.66 per share, giving the company a total market capitalisation of just over $1.4 billion.

The rumoured $1.5 billion offer is an all-scrip bid, which means M2 would buy iiNet in a share-trade deal as opposed to the all-cash deal offered by TPG. [AFR]

Trending Stories Right Now