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Australia's M2 confirms A$1.3b approach for telco iiNet

[SYDNEY] Australian telecommunications firm M2 Group Ltd said on Monday it had proposed to buy rival iiNet Ltd for A$1.6 billion (S$1.67 billion), topping a bid from TPG Telecom Ltd.

M2 said it made an indicative, non-binding proposal for 0.803 of its shares plus 75 cents for every iiNet share, equivalent to about A$10.00 a share.

On March 13, iiNet said its directors would unanimously recommend shareholders accept TPG's offer of A$8.60 per share, or A$1.4 billion.

TPG declined comment and iiNet could not immediately be reached for comment.