Shareholders of Australian internet service provider (ISP) iiNet have overwhelmingly approved the scheme of arrangement under which rival TPG Telecom will acquire 100% of the company’s share capital that it does not already own. Confirming the development in a press release, iiNet revealed that the scheme had received significant support from its current shareholders, with 95.09% of those that voted, either in person or by proxy, voting in favour of the arrangement. iiNet noted that, given the number of shareholders that actually took part in the ballot, 89.93% of all its existing stakeholders voted in favour of the resolution to accept the deal, meaning it has been passed by the requisite majority.
In confirming the shareholder approval for the deal, iiNet did however note that the scheme remains subject to the satisfaction of certain Conditions Precedent, with these including approval from the Australian Competition and Consumer Commission (ACCC). According to the operator, the regulator’s final decision on the matter is scheduled to be released on 20 August 2015, following which, and subject to the other necessary conditions have been satisfied, iiNet has said it will seek orders from the Federal Court of Australia for the approval of the Scheme at a hearing scheduled to take place on 21 August 2015.