NZealand's Telecom offers 357 mln aud for Australia's PowerTel Ltd |
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Published
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Wed, 31 Jan 2007 00:07
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SYDNEY (XFN-ASIA) - New Zealand's biggest company, Telecom Corp Ltd, said it plans to offer 2.30 aud a share for Australia's PowerTel Ltd, valuing the telecommunications company at 357 mld aud including net debt.The offer represents a 4.5 pct premium to PowerTel's last traded share price on Tuesday and has been recommended by PowerTel directors.It also represents at a 31.2 pct premium to the volume weighted average price over the last three months and an 18.7 pct premium to PowerTel's volume weighted average share price over the last 30 daysTelecom said the acquisition will allow its Australian unit, AAPT, to leverage its investment in service capability and it gives the scope over time to bring more of AAPT's customers onto the combined access network rather than servicing them through wholesale arrangements.The acquisition will be via a scheme of arrangement.(1 usd = 1.29 aud)bruce.hextall@xfn.com
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New Zealand shares close at new high, Telecom up on Yellow Pages bid report 