There’s a battle going on right now between TPG and M2 over who gets to buy iiNet. iiNet is favouring the TPG proposal, but whatever happens, it’s now clear that iiNet itself will not disappear and its customer service won’t be changed. Phew!
In its ASX announcement stating that it recommends shareholders accept a new and increased offer from TPG, iiNet gives the clearest indication so far that nothing will be changing on that score:
Both TPG and M2 have indicated their intention to retain the iiNet brand, and accordingly, the high level of customer service that iiNet is renowned for, which is a testament to the significant value that has been created by the staff of iiNet.
For customers (as distinct from shareholders), this is welcome news. The prospect of iiNet transitioning to TPG’s lesser customer service was scary. The prospect of it becoming like Dodo (owned by M2) was even scarier. Voting on the new proposal won’t take place until the end of July.