Telecom New Zealand (TNZ) has solidified its plans to take over AAPT, acquiring 99 per cent of Australia's number three carrier at the end of TNZ's weekend takeover offer.
Under the $525 million buy-out, TNZ's wholly-owned subsidiary TCNZ Australian Investments, plans to merge AAPT's global, mobile and business assets with its own to form a Trans-Tasman telco carrier, AAP reports said. The New Zealand telco reportedly has a 20 per stake in AAPT already.
The $7.25 AAPT share offer closed on Saturday. AAPT shares fell to a low of $7.16 today (Monday 30, October), while Telecom NZ shares traded here fell three cents to $4.57.
It is expected AAPT could be de-listed from the ASX as the buy-out could prove difficult for accepting AAPT shareholders to sell their shares on the ASX, AAPT chairman Lee Casey said in an official statement.