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

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