TPG Telecom Limited (TPM) and IntraPower Limited (IPX) have entered into a Takeover Bid Implementation Agreement under which it is proposed that TPG acquire all of the shares in IntraPower via an off market takeover offer. Under the proposal an IntraPower shareholder will be able to elect to receive either $0.30 cash or $0.15 cash and 0.089 TPG shares per IntraPower share. The all cash alternative values IntraPower’s shares at approximately $12.8 million. The all cash alternative offers IntraPower shareholders a price per share which represents a 104% premium to IntraPower’s volume weighted average price for the past 3 months; and the cash and shares option offers IntraPower shareholders the opportunity to retain an interest in the enlarged business.
Directors of IntraPower including Greg Kennish, Chief Executive Officer, and Darc Rasmussen, Chief Operating Officer, have entered into Pre-Bid Acceptance Agreements with TPG over a portion of their respective shareholdings which gives TPG a relevant interest in 19.9% of IntraPower shares as at the date of this announcement. Executive Chairman of TPG, Mr David Teoh, said the transaction is a key step in TPG’s plans to widen its range of solutions to its business, corporate and government customers. “Following the expansion of its nationwide high- speed telecommunications infrastructure through the acquisition of PIPE .
IntraPower is a public company listed on the Australian Stock Exchange (IPX) and the leader in the provision of high-availability On-Demand Information, Communication, Technology & Telecommunications (ICT & T) services to commercial and government organisations in Australia. IntraPower’s speciality is ensuring that IT never distracts its clients from focusing on their core business. TPG Telecom Limited (TPM) is an innovative market leader in the Australian telecommunications industry, listed on the Australian Securities Exchange since 2001. In March 2010, TPG acquired Pipe Networks, providing TPG with access to an extensive Australian fibre optic network including the wholly owned Pipe Pacific Cable (PPC-1) link between Sydney and Guam with onwards connectivity to the USA and Japan. With sustained organic growth, the company has become a dynamic and integrated force providing innovative voice, internet and data solutions through one of the largest networks in Australia.