So no go for TPG Telecom (TPM) in its attempt to halt the $1.2 billion merger of rival telcos Amcom Telecommunications (AMM) and Vocus Communications (VOC).
The Federal Court yesterday blessed the merger, ending any chance for TPG.
TPG had attempted to use a 19.9% holding in Amcom to try and kill the deal.
Amcom and Vocus rallied Amcom’s shareholders who voted to approve the deal and overcame TPG’s stake at the scheme of arrangement meeting in Perth last week.
Both companies were then prepared for a last-minute legal challenge from TPG to either delay or prevent the merger from happening.
But the Federal Court in Perth yesterday ratified the deal with no objections, meaning TPG didn’t lodge any objections.
TPG will now become one of the company’s biggest shareholders with a stake of around 9% to 10%, unless it sells out.
TPG is obviously now more focused on its bid for iiNet (IIN), which is still being probed by the ACCC. The results of that investigation will be known in around two weeks time.
TPG shares rose 3.4% to $9.36 – investors obviously think iiNet is a better fit for the company.
