PowerTel confirms suitors

PowerTel has confirmed it is considering various proposals from third-parties interested in buying or allying with the tier two Australian telco.

The news comes after it was reported that Telecom New Zealand is in talks with PowerTel on a possible acquisition or merger scenario with the Kiwi telco's Australian AAPT subsidiary. Optus has also been reported to be interested in a PowerTel buy.

Since December 2006, "PowerTel has received incomplete, non-binding and highly confidential proposals from independent parties and has appointed external advisors to assist in the review of the proposals," PowerTel said in a statement issued to the Australian Stock Exchage this morning.

The statement said PowerTel would evaluate the proposals in light of shareholders' interests, but would not necessarily agree to any transaction.

"The company will update its shareholders and the market in due course as required."