MTU M2 Bids $1.5b for IINET, page-49

I think TPG paid too much. Past performance is not a good indicator of future performance when the macro has changed. It will take 12 months before its clear if iiNet was a good purchase. Hence, TPG far too risky for me to consider buying.

MTU has now fallen over $3 in 3.5months. Clearly it was overpriced but a fall of over 25% is substantial and its a now a strong hold at $8.32. I'd be surprised if it goes below $8.oo.