Allens is advising Australian telecommunications company M2 Group Ltd. on its $1.27 billion offer for Perth-based iiNet Ltd., outdoing a competing bid made last month by rival TPG Telecom Ltd.
Melbourne-based M2, known in Australia for its Dodo and iPrimus brands, is offering $1.18 billion worth of equity for the DSL provider, or $7.23 a share. iiNet shareholders would also receive a special $0.59 a share dividend, totaling $96 million.
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