Vocus Communications Limited
(ASX:VOC) has sold its 10 per cent stake in Amcom Telecommunications Limited
(ASX:AMM) in a move that aims to give the proposed merger of the two companies the best chance of success.
The internet and telecom services provider says the move comes after TPG telecom grabbed an 18.6 per cent interest in Amcom which Vocus says was solely focussed on TPG’s own commercial interests.
CEO James Spenceley says the TPG move was to the detriment of Amcom shareholders.
In selling the stake in Amcom Mr Spenceley says the company hopes to allow shareholders the best opportunity to determine the outcome of the takeover bid.
The company says the scheme has broad support with the only public opposition coming from TPG.
The move will cause delays and Vocus has agreed to extend the scheme end date to beyond the 30th June this year.
Vocus reported a net profit of $26.2 million in the first half of the 2015 financial year.
