Pipe shareholders approve TPG takeover

Shareholders in dark-fibre specialists Pipe Networks have approved the $373 million acquistion offer made by retail internet service provider TPG.

At a scheme meeting convened by Pipe today, 738 shareholders (representing 94 percent of the value of the company) approved the transaction, 138 (5.9 percent) opposed it and three shareholders abstained.

A similar ratio of support for the acquistion was recorded by proxy votes.

The scheme is set for approval at a Supreme Court hearing in Queensland next Wednesday where TPG will seek to compulsarily acquire remaining shares in the company under the scheme arrangement.

At the time the buy out was announced, financial analysts told iTnews the deal represented a good price for Pipe.