PIPE Networks cleared to sell for $373m

15:55 AEDT Fri Mar 12 2010

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Shareholders in PIPE Networks Ltd have voted to accept a $373.09 million takeover by TPG Telecom Ltd.

PIPE, a telecommunications network infrastructure owner, held a meeting on Friday to consider the bid, which was for $6.30 per share.

In a statement to the stock exchange PIPE said shareholders had accepted the deal, on the basis that the scheme of arrangement was approved by Queensland's Supreme Court.

After coming out of a trading halt, shares in TPG soared on the news, rising as high as $1.995 cents, or 14 per cent, before slipping back a little.

PIPE said it expected that March 17 would be its last day of trading, subject to court approval.

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