Telco's bid for IP1 deferred.

Australasian Business Intelligence, October, 2003

Oct 14, 2003 (The Sydney Morning Herald - ABIX via COMTEX)

Telstra is believed to have made a bid of up to $A45m for failed Australian telecommunications network provider, IP1. The bid is up to $A15m higher than the offers made by Singtel Optus, AAPT and Telecom Venture Group. However, on 14 October 2003, it was revealed that the deal has been delayed pending an investigation by the Australian Competition & Consumer Commission into whether the sale would hinder competition. According to a research report from Goldman Sachs JBWere, Telstra would avoid a costly network building program by buying fibre optic network providers such as IP1 and Nextgen Networks, both of which went into administration in mid-2003. If Telstra's unconfirmed bid succeeds, IP1 creditors...

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