Telecom New Zealand has received indicative bids for its Australian business, AAPT, with Hong Kong private equity group TVG leading the race for the troubled telco, according to The Australian newspaper. The paper said bids for AAPT closed last Friday. Possible buyers included AAPT’s rivals Optus and SP Telemedia, and a consortium led by telcos Powertel and Commander with the backing of Powertel’s parent TVG. Telecom NZ drastically reduced the book value of AAPT in February, following a review of the company’s recent performance and assessment of its future prospects. It has said it will make a decision on AAPT’s future by 5 May.