AAPT rejects takeover bid
- — 20 April, 1999 21:49
AAPT's Board of Directors yesterday responded to Friday's unsolicited takeover bid by Cable & Wireless Optus (CWO), recommending that shareholders reject the proposed offer.
The bid, valued at $1.49 billion, was hostile and unexpected, the directors of AAPT labelling the cash offer of $5.00 per share as "inadequate" and an offer that "materially undervalues AAPT".
AAPT has indicated that it is open to other offers.