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.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
