iiNet founder Michael Malone finally backs TPG Telecom takeover

In the end, it was an offer too good to refuse for iiNet founder Michael Malone. On Monday he joined the vast majority of other shareholders in backing the $1.56 billion takeover offer for the company from TPG Telecom despite having publicly slammed the bid in its early stages.

At a sparsely attended shareholder meeting in Perth on Monday morning, iiNet shareholders provided overwhelming support for the offer, with 95 per cent of votes lodged in favour.