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Michael Smith (left) and Michael Malone are at odds over the proposed iiNet takeover deal.

Malone lashes iiNet bid, board

Founder and minority shareholder of iiNet, Michael Malone, has emerged as another critic of the $1.4 billion agreed takeover of his former company, as chairman Michael Smith sought to defend the deal with rival TPG Telecom.

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As I understand it Malone has a 4% holding so to exit with a nice round $100 million they need a $2.5 Billion valuation. The math is not hard. Is there any evidence the Board proactively shopped the deal? If not, he seems to have a valid complaint.

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02/03/15
$25k Bought
03/09/14
$23k Bought
03/09/14
$4k Bought
Total value as at the date of the transaction
Source: Morningstar

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