Optus to accept Telecom NZ offer for AAPT
Document date:
Thu 04 Nov 1999
Published:
Thu 04 Nov 1999 00:00:00
Document No:
195157
Document part:
A
Market Flag:
Y
Classification:
AAPT LIMITED 1999-11-04 ASX-SIGNAL-G HOMEX - Sydney +++++++++++++++++++++++++ Cable & Wireless Optus announced today that, in the absence of a higher offer, it intends to accept Telecom New Zealand's takeover offer of $5.10 for all its shares in AAPT Limited. Cable & Wireless Optus' 10.6% stake was purchased earlier this year for $4.85 per share in the course of the company's propos0 ed takeover of AAPT. Norman Gillespie, Deputy Chief Executive, Cable & Wireless Optus, said the company would accept the $5.10 per share being offered by Telecom New Zealand. "Our earlier interest in AAPT was due to its perceived strength in the SME and Government markets. When our bid for AAPT was blocked by the ACCC we concentrated our efforts on winning business in these markets, which has met with considerable recent success. "We no longer require a strategic stake0 in AAPT, and selling to Telecom New Zealand gives us the opportunity to exit the shareholding at a profit" Mr Gillespie said. For more information: Stephen Woodhill Phone: 02 9342 7850 P O'Brien COMPANY SECRETARIAL 1