iiNet Limited (ASX:IIN) has been granted an extension on its trading halt. Shares stopped trading on Wednesday, the Perth based internet service provider expecting to make an announcement and be trading again before the market opened this morning. However, the announcement relating to a potential acquisition is yet to be made.
According to the Australian Financial Review, iiNet is in final negotiations to purchase rival Canberra-based telecommunications provider TransACT.
In the 2011 financial year iiNet generated a net profit of $33 million.
