TPG says $373m takeover bid for PIPE Networks final

8/03/2010 -

TPG Telecom has declared its $373 million takeover bid for PIPE Networks Ltd as final, saying it has offered a fair price for the fellow telecommunications firm.

TPG has offered $6.30 cash for each PIPE share held.

"TPG considers $6.30 per PIPE share to be a very full and fair price for PIPE shareholders and, accordingly, TPG will not increase the price it is prepared to pay to acquire PIPE," TPG executive chairman David Teoh said in a statement on Friday.

The PIPE board has unanimously recommended its shareholders accept the bid in the absence of a superior proposal.

A meeting to approve the proposed scheme of arrangement will be held on March 12.

Source: AAP NewsWire

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