<html><head><meta http-equiv="Content-Type" content="text/html charset=us-ascii"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div class="">Where did you see that?</div><div class=""><br class=""></div><div class="">Is that based on the SMH article:</div><div class=""><br class=""></div><div class=""><div style="margin: 0px; padding: 0px; border: 0px; font-size: 12.1599998474121px; font-family: Arial, Helvetica, sans-serif; vertical-align: baseline; line-height: 17.0240001678467px;" class="">Citi analyst Justin Diddams said the deal makes strong strategic sense, but also believed that Optus may be interested in the potential scale benefits of iiNet.</div><div style="margin: 0px; padding: 0px; border: 0px; font-size: 12.1599998474121px; font-family: Arial, Helvetica, sans-serif; vertical-align: baseline; line-height: 17.0240001678467px;" class="">"The current offer from TPG looks fair value, based on the implied multiples on the deal, albeit slightly below our target price of $9.00 per share," Mr Diddams said.</div><div style="margin: 0px; padding: 0px; border: 0px; font-size: 12.1599998474121px; font-family: Arial, Helvetica, sans-serif; vertical-align: baseline; line-height: 17.0240001678467px;" class="">"That said, it's not a premium price given the likely cost synergies and we note TPG stated the deal is earnings per share accretive in year one. There's also scope for a counter offer from Optus, given the strategic importance of the iiNet customer base."</div><span style="margin: 0px; padding: 0px; border: 0px; font-size: 12.1599998474121px; font-family: Arial, Helvetica, sans-serif; vertical-align: baseline; line-height: 17.0240001678467px;" class=""><br class="">Read more: <a href="http://www.smh.com.au/business/tpg-telecom-to-buy-iinet-for-14b-to-become-no-2-in-internet-service-delivery-20150313-142vm9.html#ixzz3UDSvsgP6" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-size: 12.1599998474121px; font-family: inherit; vertical-align: baseline; color: rgb(0, 51, 153); text-decoration: none;" class="">http://www.smh.com.au/business/tpg-telecom-to-buy-iinet-for-14b-to-become-no-2-in-internet-service-delivery-20150313-142vm9.html#ixzz3UDSvsgP6</a></span></div><div class=""><br class=""></div><div class="">Cheers,</div><br class=""><div apple-content-edited="true" class="">
<div class="">John Lindsay</div><div class=""><a href="mailto:johnslindsay@mac.com" class="">johnslindsay@mac.com</a></div><div class="">+61403577711</div>
</div>
<br class=""><div><blockquote type="cite" class=""><div class="">On 13 Mar 2015, at 9:32 am, Dylan Chidgey <<a href="mailto:dylan.chidgey@cirruscomms.com.au" class="">dylan.chidgey@cirruscomms.com.au</a>> wrote:</div><br class="Apple-interchange-newline"><div class=""><div class="WordSection1" style="page: WordSection1; font-family: Helvetica; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><div style="margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;" class=""><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);" class="">Optus is putting in a counter offer, could get interesting!<span class="Apple-converted-space"> </span><o:p class=""></o:p></span></div><div style="margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;" class=""><a name="_MailEndCompose" class=""><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);" class=""> </span></a></div><div class=""><div style="border-style: solid none none; border-top-color: rgb(225, 225, 225); border-top-width: 1pt; padding: 3pt 0cm 0cm;" class=""><div style="margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;" class=""><b class=""><span lang="EN-US" style="font-size: 11pt; font-family: Calibri, sans-serif;" class="">From:</span></b><span lang="EN-US" style="font-size: 11pt; font-family: Calibri, sans-serif;" class=""><span class="Apple-converted-space"> </span>AusNOG [<a href="mailto:ausnog-bounces@lists.ausnog.net" style="color: purple; text-decoration: underline;" class="">mailto:ausnog-bounces@lists.ausnog.net</a>]<span class="Apple-converted-space"> </span><b class="">On Behalf Of<span class="Apple-converted-space"> </span></b>Chris Chaundy<br class=""><b class="">Sent:</b><span class="Apple-converted-space"> </span>Friday, 13 March 2015 9:43 AM<br class=""><b class="">To:</b><span class="Apple-converted-space"> </span>Noel Butler<br class=""><b class="">Cc:</b><span class="Apple-converted-space"> </span><a href="mailto:ausnog@lists.ausnog.net" style="color: purple; text-decoration: underline;" class="">ausnog@lists.ausnog.net</a><br class=""><b class="">Subject:</b><span class="Apple-converted-space"> </span>Re: [AusNOG] TPG acquires iiNet<o:p class=""></o:p></span></div></div></div><div style="margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;" class=""><o:p class=""> </o:p></div><div class=""><div style="margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;" class="">Not if the ACCC says "no".<br class=""><br class="">Sent from my iPhone<o:p class=""></o:p></div></div><div class=""><p class="MsoNormal" style="margin: 0cm 0cm 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><br class="">On 13 Mar 2015, at 09:37, Noel Butler <<a href="mailto:noel.butler@ausics.net" style="color: purple; text-decoration: underline;" class="">noel.butler@ausics.net</a>> wrote:<o:p class=""></o:p></p></div><blockquote style="margin-top: 5pt; margin-bottom: 5pt;" class="" type="cite"><div class=""><p style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" class="">Correct, but since the iinet board has unanimously accepted TPG's offer, its only a matter of paperwork now, so its as good as done deal.<o:p class=""></o:p></p><p style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;" class="">On 13/03/2015 08:33, Peter Lawler wrote:<o:p class=""></o:p></p><blockquote style="border-style: none none none solid; border-left-color: rgb(16, 16, 255); border-left-width: 1.5pt; padding: 0cm 0cm 0cm 4pt; margin-left: 3.75pt; margin-top: 5pt; margin-bottom: 5pt;" class="" type="cite"><pre style="margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Courier New';" class="">On 13/03/15 09:11, Andrew Yager wrote:<o:p class=""></o:p></pre><blockquote style="border-style: none none none solid; border-left-color: rgb(16, 16, 255); border-left-width: 1.5pt; padding: 0cm 0cm 0cm 4pt; margin-left: 3.75pt; margin-top: 5pt; margin-bottom: 5pt;" class="" type="cite"><div style="margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;" class="">TPG has acquired iiNet<o:p class=""></o:p></div></blockquote><pre style="margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Courier New';" class="">I think you'll find that this is a proposal and has not actually<o:p class=""></o:p></pre><pre style="margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Courier New';" class="">happened yet.<o:p class=""></o:p></pre><pre style="margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Courier New';" class=""><o:p class=""> </o:p></pre></blockquote></div></blockquote><blockquote style="margin-top: 5pt; margin-bottom: 5pt;" class="" type="cite"><div class=""><div style="margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;" class="">_______________________________________________<br class="">AusNOG mailing list<br class=""><a href="mailto:AusNOG@lists.ausnog.net" style="color: purple; text-decoration: underline;" class="">AusNOG@lists.ausnog.net</a><br class=""><a href="http://lists.ausnog.net/mailman/listinfo/ausnog" style="color: purple; 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