Subsea cable operator PIPE Networks has announced that Queensland’s Supreme Court has approved the company’s request to call a vote on the acquisition offer by TPG Internet.
The court has reviewed the scheme booklet detailing the offer, and allowed the company to send it out to shareholders. A meeting on the $6.30 per share acquisition offer will be held on March 12.
The booklet includes a report from independent auditor Ernst and Young, which states that the scheme is in the best interest of PIPE’s shareholders.
The company’s board has also urged shareholders to approve the offer.