A lot of smoke and mirrors being used by the M2 board - it's...

A lot of smoke and mirrors being used by the M2 board - it's very hard to find a tangible valuation price ;-)

M2 will be really gearing the balance sheet and I fail to see how they will achieve synergies... iiNet is so much better run than M2. M2 will drag iiNet margins down, but in the process boost their overall margins when compared from the base of M2, hah.

If I'm Teoh, I sit back and let M2 bite off more than it can chew, then scoop them up in a few years time when their margins have compressed even more and the share price has declined.