PIPE Networks' shareholders approved a $373.09 million takeover offer made by TPG Telecom Ltd in a meeting held on Friday. The bid offered $6.30 per share to the company's shareholders.

PIPE's shareholders showed a good response to the offer as 94 per cent supported the deal in the meeting.

PIPE Networks in a filing with the Australian Stock Exchange informed that the shareholders had given go through subject to approval of the Queensland Supreme Court. The Brisbane Supreme Court now has the final say on the scheme of arrangements. It will give its verdict on March 17.

If approved, telecommunication network infrastructure owner PIPE Networks' stocks would trade for the last time on March 17.

TPG aims to lay its hands on PIPE's extensive dark fibre network connecting eastern states of Australia. This also includes on of the most sought after Pipe Pacific Cable (PPC-1) link connecting Sydney and Guam.

Last year itself TPG expressed its interest to buy PIPE. At that time itself the company clarified that in no case it would consider any payment over $6.30 per share in PIPE.