iiNet founder Michael Malone has been leading a shareholder revolt against the deal. Photo: Bohdan Warchomij
Internet service provider iiNet looks to be the subject of a bidding war, with rival M2 Group lobbing a $1.5b bid, reports the Australian Financial Review.
Sources says iiNet is considering the all-share offer, weighing it up against the all-cash $1.4 billion takeover it signed with TPG Telecom in March.
The TPG offer has been criticised for being too low, with iiNet investors pushing the company's board to test the market for a higher bid.
A spokeswoman for M2 declined to comment on Sunday.
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