C&W Optus receives revised bids

Cable & Wireless Optus Ltd. has received revised proposals from companies interested in acquiring the Australian telecommunications carrier, the company confirmed Monday morning.

"In response to speculation in this morning's press, Cable & Wireless Optus confirms that it has received revised proposals from interested parties as part of its ongoing strategic review," it said in a statement to the Australian Stock Exchange.

"Discussions with these parties are continuing. The discussions are confidential and incomplete. No formal takeover offer has been received."

Singapore Telecommunications Ltd. (SingTel), Telecom New Zealand Ltd. and Vodafone Group PLC are all reported to be interested in acquiring C&W Optus. Several news reports late Sunday and early Monday said SingTel has made an offer for C&W Optus at over S$4.60 (US$2.62) per share. Such a deal, should it be confirmed and then successful, would represent the largest takeover bid in Australian corporate history, said the reports.

The company said it will make further announcements "at the appropriate time."

C&W Optus can be reached at +61-2-9342-7846 or via the Web at http://www.cwo.com.au.

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