AAPT bid talk speculation: Telecom

Source says Asian firm's bid in cash and equity

Telecom says a report that Asian firm Pacnet is prepared to offer US$420 million (about NZ$795 million) for AAPT is speculative and that it remains committed to its Australian business.

Citing a source close to the companies, Reuters reported that privately-held Pacnet was looking to buy AAPT to help round off its Asia-wide telecoms network.

Pacnet, which was formed earlier this year from the combination of Asia Netcom, once part of China Netcom, and Pacific Internet, would finance its unsolicited offer with cash and equity, said the source, speaking on condition of anonymity.

However, Telecom spokesman Mark Watts told BusinessDay.co.nz the story was purely speculative and that Telecom was not in the habit of commenting on speculation.

Read more on BusinessDay.co.nz

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