I know what you mean. The NBN, The Myth Of Choice, And Australia's Rubbish Internet Future | Lifehacker Australia
The 4rth largest company buying out the 3rd largest. However in regards to the NBN, TPG owns/controls a notable amount of the NBN infrastructure/hardware, etc.

The final decision of the takeover is up to the shareholders. This month TPG increased it's shares from 6.7 to 18.6% of Amcom whom own a 19.96% stake in iiNet, thus highly biasing a shareholder vote. TPG already owns 6.25% of iiNet shares.

Although M2 counter-offered iiNet recommends improved TPG takeover offer after this M2 lobs competing bid for iiNet worth a claimed $2.25b - ABC News (Australian Broadcasting Corporation). TPG's positioning this month with Amcom was no doubt an effort to bias the result in their favor.
So, lots of money going to the shareholders, lots of money going to the board members. And where is that money going to come from? Cuts in services no doubt. Losses of jobs, loss of customer respect; bleed it to death for quick money? I recently saw the story of Steve Jobs, which gives an insight about what 'potential' damage board members and shareholders can do to a company. (Off-topic: Now their Mac Pro is a skeleton of what it was. And their OSX operating system appears to have some designers of MS Windows origin. Why change the simplest keyboard shortcut after 10 years to something that requires two fingers. OSX is becoming less attractive with each release.)

NBN will not reach my area for another few years at least.

iiNet is reknown for user privacy and high quality customer support. TPG on the other hand is known for terrible customer support. It's been suggested TPG might keep iiNet as a premium service. Will TPG maintain the user-privacy record of iiNet after a take-over?
Even if TPG keeps iiNet mostly untouched for now, I can envisage TPG eventually downgrading its services in one way or another. Including iiNet's incredibly good customer support.

I've been with iiNet since iiNet took over iHug last decade. I don't have much choice for changing. So much for democratic choice in this country.

Telstra is dishonest. Twice I worked on contract with the earlier incarnation of the company and the second occasion in a different region discovered about their attitudes toward customers. And noted their dishonesty ever since Telstra had competition. Telstra were fined on multiple occasions for false advertising. When I moved house my phone was shifted to Telstra without my permission, which the Ombudsman apparently had many equivalent reports of at the time. I've since had Telstra sales persons lie to me on multitudes of occasions. There's lots of stories of Telstra's negative approaches that almost require a novel to mention them all in any great detail. Telstra is a company with executives from the USA, so you can guess the company's attitude toward file-sharing and user-privacy. Likewise Optus also have at least one major executive originating from the USA. It's fishy that neither Telstra or Optus (Australia's two largest internet companies) were targeted in the recent Dallas Buyers Club LLC court case. (Dallas Buyers Club LLC reasons given for this were not logical and appeared dishonest, as though they were hiding something.) USA versus Australia's free will?