The only photo of TPG Telecom's David Teoh we have on file. Credit:Nic Walker But a takeover of iiNet from either TPG Telecom or M2 Group is now all but inevitable, and the merged entity is set to become a Goliath in its own right. It will be Australia's second biggest fixed-line broadband provider after Telstra, with Optus pushed into third place. TPG and M2 Group have each pledged to retain the iiNet brand. But what does that really mean for - as Dalby put it - "the people of ii"? Telecommunications analyst Paul Budde said there was "no doubt" Australian consumers were about to lose a "very powerful" consumer advocate. "After iiNet gobbled up Internode they basically were the only telco provider with a genuine consumer service at heart, the rest are just paying lip service," Mr Budde said.

Former iiNet chief regulatory officer Steve Dalby. The iiNet board is currently recommending TPG's revised $1.56 billion cash and scrip bid, though there have been some rumblings from shareholders, with some arguing both potential buyers have undervalued the company. Speaking this week, Mr Dalby told Fairfax Media there was a difference in cultures at iiNet and TPG. "TPG has taken a more price-conscious approach while iiNet has taken a much more service-oriented focus on their customers, particularly where they end up in dialogue with them through blogs or public commentary, press releases, newsletters, and things like Twitter, Facebook and other social media," Mr Dalby said. "TPG haven't been particularly outspoken [and don't] have much of an external personality that I've seen."

Many feel that the company being sold is a sign of failure, and the board just wanted to cash out An iiNet staff member That is an understatement. TPG's chief executive officer and executive chairman, David Teoh, has fought to maintain a private persona, despite he and his immediate family having fingers in many pies across Australia's technology and start-up sectors. In late 2013, Fairfax Media's BRW magazine published a cover story calling him "Australia's shyest billionaire", and claimed "no media outlet" had ever published a photograph of the man, despite him heading a major ASX-listed company. (Their photographer managed to get a photo of the back of his head outside his house, but not without a tussle.) With BRW placing the Teohs at $1.02 billion, this family ranks among the nation's richest.

Then there is the prominent issue of online piracy in Australia. iiNet may have lost April's Federal Court case against Dallas Buyers Club LLC to hand over personal details of its customers alleged to have pirated the Oscar-winning film Dallas Buyers Club. But it scored a notable win for consumers in convincing Justice Perram to prevent the practice of so-called "speculative invoicing" - in which rights holders send alleged pirates letters asking for large sums of money to avoid being sued - by ensuring he review draft letters before they are sent. If actions speak louder than words, then TPG's willingness to send warning letters to its customers on behalf of rights holders (one of the few Australian telcos to do so) is telling. Meanwhile, another TPG takeover, of Brisbane telecommunications infrastructure company PIPE Networks in 2010, points to cultural change under Teoh's leadership. Speaking to BRW, PIPE Networks co-founder Stephen Baxter praised Mr Teoh but noted a ruthless focus on cost-cutting in the wake of the takeover, which extended so far as forcing staff to switch off lights and monitors when they left work.

Mr Dalby concedes that whether TPG or M2 wins the battle for iiNet, there are going to be changes to iiNet's executive teams, which will inevitably impact the company culture. "That's where that sort of public commentary comes from," he said. "Working with [founder and former iiNet chief executive] Michael Malone, he was really very keen to have dialogue; I like that approach, but both of us have moved on now." iiNet's current chief executive, David Buckingham, replaced Mr Malone at the end of 2013. Commenting on the telecommunications forum Whirlpool, Mr Malone said on Thursday he had always wanted iiNet to be an "independent voice", but that the cultural mismatch between iiNet and TPG was "overstated".

A week prior, on the same thread, he had written of his "high degree of respect" for Mr Teoh. ​"Don't underestimate him as a canny businessman and an excellent assessor of talent," Mr Malone said. There is no indication in documents filed to the ASX from either M2 Group or TPG as to their plans for the current iiNet management going forward. However, it's clear the new board make-up of any merged entity will see iiNet's existing directorship largely dissolved. M2 has offered a place for two current iiNet directors on the board, but TPG says it wants to call the shots.

Ultimately, it is the board that is responsible for appointing and dismissing the executive team. An iiNet spokesperson declined to comment, other than to say its brand "continues as usual". Internally, however, there is already unease surrounding the current leadership. An iiNet staff member, who wished to remain anonymous, said many staff were unhappy with the current board and executive team.

It has since reached an all-time high of $10.05 on April 19. iiNet shares were trading at $9.87 on Thursday afternoon. With Ben Grubb