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TPG Adds 38K Customers Ahead Of iiNet Bid – Shares Roar

TPG Adds 38K Customers Ahead Of iiNet Bid - Shares Roar

Its shares leapt to a record $9.04 on the ASX, up 3.5pc, and giving TPG a market cap of $7.01 billion.

Although TPG had trialled some customers on its fibre-to-the-basement, National Broadband Network rival service before the half, the product wasn’t officially launched until September last year. 

TPG had to temporarily withdraw the product from sale between December and January, after Communications Minister Malcolm Turnbull rushed to implement new anti-cherry-picking rules, forcing TPG to offer a similar wholesale product as NBN Co on its fibre-to-the-basement service.

The results come as TPG is facing a backlash on its AU$1.4 billion offer for rival iiNet. TPG said it is disappointed with the rising opposition from iiNet shareholders, lead by founder and former CEO Michael Malone. TPG noted its offer was a 31 percent premium for iiNet shareholders.

TPG CFO Stephen Banfield would not be drawn as to whether the company would lift is bid for iiNet.