Perth-based ISP iiNet has entered a trading halt ahead of a possible acquisition, according to a statement provided to the ASX.
The announcement follows a report in The Australian suggesting the company will acquire parts of telco AAPT from Telecom NZ. The report suggests iiNEt wants AAPT’s consumer division and not the company’s wholesale business.
“The company requests a two day trading halt, and envisions making an announcement to the ASX concerning the proposed transaction prior to the market opening on Monday 2 August which will lift the trading halt.”
When contacted by SmartCompany, iiNet said it had no further comment other than the information it had provided to the ASX.
AAPT’s future has been the centre of attention in the telecommunications industry for some time. Several reports over the past few months have indicated TPG founder David Teoh was after the company due to its 18% stake in iiNet.
However, The Australian reports iiNet is now after AAPT’s consumer business, following an unsuccessful proposal put forward by Teoh.
iiNet has put a significant focus on acquisitions over the past few years, taking over Westnet in 2008 and Netspace in March.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
