Portfolio Analyst, River Capital Growth Fund, River Capital

Vishal Hargovan

Portfolio Analyst, River Capital Growth Fund

River Capital

Event-Driven

Positive initial comments from the ACCC indicate a reasonable likelihood of a deal involving IIN concluding.Synergies are substantial for network operators (TPG and OPT) but are still material for network-light player M2. Therefore we do not rule out the chance of a competitive bid.Special dividend of $1 per IIN share, and possible competitive tension makes this a &ldquo;hold&rdquo; for Australian investors in particular.

Positive initial comments from the ACCC indicate a reasonable likelihood of a deal involving IIN concluding.Synergies are substantial for network operators (TPG and OPT) but are still material for network-light player M2. Therefore we do not rule out the chance of a competitive bid.Special dividend of $1 per IIN share, and possible competitive tension makes this a &ldquo;hold&rdquo; for Australian investors in particular.

Substantial synergies make this a great deal for Iinet and TPG

iiNet

Substantial synergies make this a great deal for Iinet and TPG