TPG buys more Amcom shares

TPG Telecom has lifted its stake in Amcom Telecommunications to 19.9 per cent, making it harder for Amcom to win approval at next week's shareholder meeting for its planned merger with Vocus Communications.

TPG disclosed today it has bought an extra 3.8 million shares for about $9.4 million.

Capping its stake at 19.9 per cent means TPG will not be required to lodge a takeover proposal for Amcom.

This follows TPG buying extra shares last month, lifting its stake to 18.6 per cent, and declaring it would vote agsinst the Amcom-Vocus scheme.

The scheme meeting was supposed to be held last week, but was pushed back to May 18 to give Amcom shareholders more time to consider TPG’s actions.

The deal needs to be approved by 75 per cent of Amcom’s shares and 50 per cent of voting shareholders.

Amcom shares were 1.5 per cent lower to $2.48 a share at 12pm.