TPG Telecom boosts stake in Amcom

Company News

TPG Telecom Limited (ASX:TPM) has boosted its stake in Amcom Telecommunications Limited (ASX:AMM) to about 18.6 per cent. 

TPG has also vowed to vote against Vocus Communications Limited’s (ASX:VOC) proposed takeover of Amcom. 

TPG says it supports Amcom as a standalone business and has no intention to make any counterproposal to the current offer. 

TPG has already launched a $1.4 billion takeover of iiNet Limited (ASX:IIN) last month. 

A competing offer for iiNet was launched by M2 Group Limited (ASX:MTU) earlier this week.  

TPG Telecom increased its net profit by 18 per cent to $106.7 million in the first half of the 2015 financial year.