M2 Group and Vocus Communications have gone into a trading halt on the ASX pending an announcement on Monday.
The halt, requested by the companies, comes as the two companies await the outcome of the first court hearing considering Vocus’ plans to acquire M2.
The merger, announced back in September, will create a $3 billion full-service vertically integrated telco with capabilities ‘relevant to every individual, corporate and government entity in Australia and New Zealand’, the companies say.
The merged company would be Australia’s fourth largest intgrated telco and New Zealand’s third largest.
The deal has been given the greenlight by both the ACCC and New Zealand’s Commerce Commission.
The trading halt will continue until close of business today, when Vocus expects to make an announcement regarding the outcome of the court hearing.