Ann: TPG to Acquire iiNet in a Recommended Transaction, page-28

According to the Sale Offer the IIN shareholders will get only Cash Consideration of $8.60 / share plus 10.5c Interim Dividend if you held IIN shares by 16th March. There may be a special fully franked dividend payable by IIN but this will dilute the $8.60 by that amount however there could be franking credits on that spec dividend. There is no swap of shares. But wait there could be a counter takeover by someone e.g. Optus or a Private Equity firm in the meantime. Lets wait and see!