Shareholders at Amcom Telecommunications have voted in favour of a merger with Vocus Communications, firmly rejecting a blocking move by rival TPG.
TPG tried to block the deal by buying 19.9% of Amcom without making a counter offer. TPG said it wouldn’t vote for the Vocus merger.
Reports from a general meeting in Perth today say more than three-quarters of votes had been cast in favour of the Vocus deal.
Amcom and Vocus together will have a market capitalisation of more than $1 billion. Amcon shares are up more than 5% to $$2.32. Vocus is in a trading halt.
In a separate and unrelated deal, iiNet has accepted an improved $1.57 billion bid from TPG which will create a major competitor to the big two Australian telcos, Telstra and Optus.
A combined TPG-iiNet would have 1.7 million customers and revenue of $2.3 billion.
TPG shares are down 1% to $8.55