Amcom shareholders snub TPG to approve Vocus merger

Shareholders of services provider Amcom today voted in favour of a merger with Vocus, with the deal securing 77.2 percent approval.

Amcom chairman Tony Grist urged attendees at the Perth Convention Centre to vote in favour of the merger scheme, adding that the directors would do the same with all the shares they held or controlled.

An Amcom spokesperson said that 181.1 million votes were cast in favour of the merger and 53.5 million voted against. Minor owner TPG held 19.9 percent of votes to block the proposal, with almost all other shareholders voting in favour.

The 'Yes' vote required 75 percent of shares outside of TPG's holding to pass, with the ultimate result representing 77.2 percent.

The acquisition process now moves on to a 23 June session in the Federal Court in Perth for legal approval.

After Vocus and Amcom agreed to merge in December, the shareholders meeting to vote on the deal was twice postponed by unforeseen events.

In late April, TPG upped its minor ownership in Amcom to almost 20 percent in order to scuttle Vocus' plan, forcing Amcom's board to then delay the original meeting to allow "sufficient time". TPG's manoeuvre was described by Vocus chief executive James Spenceley as "disgusting" at the time.

In mid-May, Vocus was forced to sell its 10 percent stake in Amcom when it was revealed they could not vote in favour of their own proposal. Chairman of the meeting Clive Stein postponed the meeting again to allow shareholders to digest the latest developments.

The shareholders' meeting today may not be the end of the saga. According to Fairfax Media, TPG could challenge the result in court, claiming that the votes from the 10 percent ownership Vocus offloaded in May were "tainted".