According to reports in the Australian Financial Review, a number of shareholders believe more money could be proposed, evidenced by a rise in SP's share price since the deal was announced on 11 November.
"Selling now is a little bit like pulling a flower out of the ground just as a shoot comes out of the soil, rather than waiting for the flower to blossom," director of Fisher Funds Management Frank Fisher said. He holds a 7% stake in PIPE.
"The new international network that PIPE has built and has just commissioned is very early on in its lifetime, yet shareholders are being asked to sell it pretty much at book value."
A merger implementation agreement has been made between the two companies, with SP to buy all of PIPE's outstanding shares for $3.60, a higher price point that during any time in its listing.