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Australia's TPG raises bid for iiNet to A$1.56bln

Reuters

SYDNEY, May 6(Reuters) - TPG Telecom Ltd, an Australian internet provider controlled by Malaysian-born billionaire David Teoh, has sweetened its approach for rival iiNet Ltd to at least A$1.56 billion ($1.24 billion), battling an offer from rival M2 Group Ltd.

IInet recommended that its shareholders accept the offer from Sydney-listed TPG Telecom on Wednesday, which topped up a A$1.4 billion proposal it made in March, meeting a deadline imposed by its takeover target when M2 made a surprise counteroffer worth A$1.6 billion last week.

TPG Telecom is offering A$9.55 a share in cash, including a special dividend, or 0.969 TPG shares per iiNet share. ($1 = 1.2607 Australian dollars) (Reporting by Byron Kaye and Sonali Paul; Editing by Alden Bentley)