Telecom New Zealand' $5.10 per share takeover offer for AAPT has been described as "not fair" and "not reasonable" according to an independent evaluation by Grant Samuel & Associates.
In the independent report commissioned by AAPT, Grant Samuel has valued AAPT in the range of $6.17 to $7.14 per share, higher than both Telecom NZ's offer and an initial evaluation announced in May.
Grant Samuel recommended in the report, "There do not appear to be particular reasons for shareholders to accept a takeover offer that is well below the full takeover value and at little, or possibly no, premium to the likely trading range."
At the time of the Cable & Wireless Optus hostile takeover bid in May, AAPT released Grant Samuel's initial evaluation which valued the carrier at between $6.04 and $7.01 per share.
In related news, AAPT yesterday launched a new division to service regional and rural Australia.
Headed by Ian Smith, AAPT managing director of AAPT's satellite service provider AAPT Sat-Tel, the new group will be known as AAPT Regional & Rural (AAPT R&R).