MTU M2 Bids $1.5b for IINET, page-42

That takeover would give TLS around 65% of telecoms market revenue and reduce the major market players to 3 tier ones and 3 tier twos.

I'd hope the ACCC would see that as substantially reducing competition, as opposed to the lower market share players combining to try to better compete with the dominant player which could be argued in some ways increases competition.

But who knows, as you say. Just my gut reaction.

As for TLS wanting to take them over, I can't really see the synergies in that one apart from removing a competitor!