Ann: TPG to Acquire iiNet in a Recommended Transaction, page-51

One small problem, the Board of IIN have already unanimously recommended accepting the TPG offer. If one was to look at the Board and wonder why, in the best interests of shareholders, it did not seek alternative offers. It may have been contractual limitations under the offer or something else or maybe the Board lacks experience in these matters, I don't know but might hazard a guess there is no "alternative" offer coming.

Keep in mind that it only takes 10.1% of the issued capital to vote no and then it may well leave TPG with an expensive holding but not complete control. WCB (Warrnambool Cheese and Butter) is a classic case of this. Plenty of TPG competitors could find that amount and block it to preserve its own business, Telstra included.

Something I did notice was who was using who as advisors. Tells you a lot about the business and the TPG team is impressive. It includes Macquarie Capital as part of Macquarie Group as is MTU so it may well render MTU out of putting a bid in.