Solutions provider Amcom has postponed the shareholder meeting to vote on its acquisition by Vocus Communications, in response to TPG's move to scuttle the deal.
Amcom, which entered into an acquisition agreement with Vocus in December, was rocked by TPG's increase in shareholding last week from 6.7 percent to 18.6 percent in order to block the sale.
The meeting for shareholders to vote on the scheme of arrangement was due to be held Wednesday, but has now been delayed to Monday 18 May. The proposal requires 75 percent of the votes to pass.
"The Amcom board considers the adjournment of the scheme meeting is in the best interests of Amcom shareholders and is necessary to allow Amcom shareholders sufficient time to consider the announcement made by TPG on 30 April 2015," read the announcement to the ASX.
Amcom stated that it had made "repeated attempts" to contact TPG, but the telco has "shown no willingness" to start any dialogue.
"The Amcom board is concerned the timing of TPG’s actions less than a week before the scheme meeting date are motivated by self-interest."
The board of Amcom urged its shareholders to vote in favour of the Vocus acquisition, pointing out that TPG's move caused the share price to fall 15 percent in one day – shaving $100 million from Amcom's market capitalisation.
TPG's attempt to derail the buyout prompted Vocus chief James Spenceley to label the telco "disgusting" in an interview last week with sister publication iTnews. He added then that Vocus and Amcom would trigger a "mass offensive" to garner 80 percent of the votes.
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