TPG Telecom (ASX:TPM) has made a recommended $1.4 billion all-cash takeover bid for fellow internet service provider iiNet (ASX:IIN).
Under the proposed transaction, iiNet shareholders will receive $8.60 for each share they own, a 31% premium over the last closing price of $6.65 and 33% over the five-day VWAP.
Directors of iiNet have unanimously recommended the scheme and intend to vote their shares in its favour in the absence of a superior offer.
TPG will fund the acquisition from new debt facilities.
The combined company will provide broadband services to over 1.7 million subscribers.
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