Telstra's $55 million takeover of Adam Internet has fallen through Adam Internet chairman Greg Hicks in a file pic. Telstra's planned takeover of Adelaide internet service provider Adam Internet, rumoured to be worth $55 million, has fallen through. Telstra said this morning that the acquisition, announced in October 2012 and subject to the ACCC approval, had a contractual end date of 30 June 2013. Telstra Chief Customer Officer Gordon Ballantyne said the ACCC had raised a number of concerns with the acquisition, which Telstra had attempted to address, but in the end had not been able to secure approval from the ACCC by the contractual end date. We are very disappointed by this outcome. We believe this transaction would have provided real benefit to Australian consumers and would have added new competition into the broadband market," Mr Ballantyne said. Executive Chairman of Adam Internet Greg Hicks said it was unfortunate the time frame could not be met. "Adam Internet is disappointed this important condition precedent could not be achieved in a commercially acceptable time frame, and therefore we will no longer be proceeding," Mr Hicks said.