iiNet Shareholders Vote Up TPG Takeover Deal

Today's the day: iiNet shareholders have today considered and voted in favour of a takeover bid by TPG Telecom.

Shareholders voted overwhelmingly in favour of the TPG buyout, with shareholders nabbing $8.80 per share from TPG as well as a special dividend of $0.75 per share.

Speaking at the meeting, iiNet's chairman Michael Smith said that the war between M2 and TPG to purchase the ISP over the last few months demonstrated the company's value in the local market.

"It's clear we have built a business with a brand, customer base and reputation for customer service that a number of key players in the industry would like to own. This is a testament to the dedicated team we have at iiNet that is so well led by our CEO David Buckingham," he said.

Smith also gave a shout-out to former CEO Michael Malone, saying that it would be "remiss" not to mention the founder's efforts and achievements getting iiNet to where it is today.

"We certainly wouldn't be where we are today without his tireless efforts over many years."

Malone had lined up against the acquisition in the months leading up to the vote, saying that the deal was "incomplete" and "unprofessional".

95 per cent of shareholders voted in favour of the TPG deal.

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