iiNet founder Michael Malone has joined the chorus of investors criticising the takeover offer from TPG Telecom, saying he is “willing to walk away” from the $1.4 billion deal.
“It’s incomplete, unprofessional and it’s poor diligence,” said Malone yesterday in iiNet’s first conference call with investors since the deal was announced, according to Fairfax.
“It’s been ten days since the deal was announced and it’s only now that you decide to speak with shareholders,” he added.
Malone is also calling for all but two of the directors of the iiNet board to be sacked and replaced with technology entrepreneurs.
After the investor call, iiNet shares fell by more than 1% and are currently trading at $8.69 at time of publication.
InfoReady acquires Adaptic Solutions
Melbourne-based information management company InfoReady will take over data scientist consultancy Adaptic Solutions for an undisclosed sum.
The acquisition will see Adaptic Solutions rebranded as InfoReady Data Science and Analytics practice, which is projected to generate an estimated $1 million revenue for the company and create 10 new positions in its first 12 months.
The purchase is the latest growth step for the $20 million company, which last year opened offices in Ireland. InfoReady also plans to establish Singapore operations in the next financial year.
“Our focus is to build what’s new and unique. We’re releasing a lot of solutions and new offerings this year which we’re really excited about,” founder Tristan Sternson previously told SmartCompany.
Local shares up
Aussie shares are ahead this morning, despite a slow lead from Wall Street overnight.
“After a night of weak trading in shares local futures markets are indicating falls at the opening for most Asia Pacific markets,” said Michael McCarthy, chief market strategist at CMC Markets.
“However, USD weakness has once again boosted commodity prices and may see support for Australian stocks despite a higher AUD.”
The S&P/ASX200 benchmark was up 12.9 points to 5969 points at 12:18PM AEST. On Monday, the Dow Jones closed down 0.06%, falling 11.61 points to 18,116.0 points.