TPG Telecom increases bid for iiNet to over $1.57BN

TPG Telecom has raised its bid price for iiNet to over $1.57 billion and will offer an option of shares or cash in an effort to beat M2 Group's proposal and become Australia's second-biggest provider of fixed-line internet services. TPG's latest offer is an increase on the all-cash $1.4 billion offer it announced to the market on March 13 and the rival share-based offer from M2 Group that the iiNet board later deemed to be a superior offer. Fairfax Media understands that under the revised offer iiNet shareholders will get an option to either accept cash or shares in TPG as part of their deal. But the full terms will not be released until Wednesday morning. (Source: SMH)