Seventeen months after Perth investor Anthony Grist left the board of Vocus Communications after failing to secure backing for a leadership shake-up, the three former M2 Group directors who retained control at that time have all resigned from the underperforming telco business.
Vocus Communications has appointed former M2 Group boss Vaughan Bowen and former Telstra chairman Bob Mansfield to lead a board tasked with turning around the faltering business
Asian private equity firm Affinity Equity Partners has made a $2.2 billion offer for Vocus Communications, rivalling a similar bid from US private equity giant Kohlberg Kravis Roberts.
Vocus Communications shares have plunged more than 20 per cent after Australia's fourth biggest telecommunications group delivered a grim trading update following its rapid expansion.
Vocus Communications boss Geoff Horth has survived a proposal to remove him from the helm of the firm by Perth venture capitalist Anthony Grist and Vocus founder James Spenceley.
The competition watchdog has given the go-ahead for Vocus Communications to merge with M2 Group in a $3 billion deal that will create Australia's fourth largest telco.
The corporate watchdog has warned that a future merger between any two of the remaining fixed broadband suppliers would raise serious concerns, while also giving the go-ahead for TPG Telecom's $1.6 billion takeover of iiNet.
Upwards of 130 corporate finance transactions worth more than $11 billion were announced in WA in the June quarter, but most notable was a handful of landmark M&A deals.
Australia's corporate watchdog has launched an inquiry into TPG Telecom's planned $1.6 billion takeover of iiNet, after saying the deal may lead to a substantial lessening of competition.
TPG Telecom has quickly won backing from iiNet after lifting its takeover offer to $9.55 per share, with cash and scrip alternatives, as it fends off a rival bid from Dodo owner M2 Group.
The fate of Perth companies iiNet and Amcom Telecommunications rests with Sydney competitor TPG Telecom and its reclusive chairman David Teoh, and possibly with the competition watchdog, after a day of surprises.
Shares in internet market target iiNet surged again today to a new intra-day high before closing at around $10 each in line with yesterday's formal bid from M2 Group.
