Perth-based company Amcom Telecommunications Ltd has held preliminary talks with a third party regarding consolidation within the industry, adding to market speculation of a takeover bid from Telecom New Zealand.
Perth-based company Amcom Telecommunications Ltd has held preliminary talks with a third party regarding consolidation within the industry, adding to market speculation of a takeover bid from Telecom New Zealand.
Sydney media reported this morning that Telecom NZ had made a friendly takeover offer of up to $80 million to Amcom, less than a month after making a $357 million takeover offer for Sydney-based telco PowerTel.
Amcom released a statement this morning confirming that confidential talks had taken place with a third party, but said the discussions were preliminary, incomplete and conditional.
Amcom had earlier secured $50 million in financial support from major shareholder Futuris Corporation Ltd, helping it to acquire its 16 per cent stake in Perth internet service provider iiNet.
PowerTel currently holds 17 per cent of iiNet stock.