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Telecom offer for AAPT now unconditional

By Phil Boeyen, ShareChat Business News Editor

Wednesday 18th October 2000

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Telecom has managed to pick up another 6% of Australian telco AAPT, pushing its stake beyond the 90% threshold and allowing it to declare its takeover offer unconditional.

Last week the company announced it had 86% of the company, and warned AAPT shareholders that they could face payment delays if their shares were acquired compulsorily.

Telecom's Australian arm, TCNZ Australia Limited, announced today it now has 92.3% of AAPT. Telecom can now move to compulsory acquisition.

Last week the company said that AAPT acceptances received after October 18th will be paid within five days after they are received.

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