Acquisition Proposed

American Phoenix Group Inc. said it has tentatively agreed to acquire Teterless Access Asia Ltd., an Australian provider of high-speed data communications, in a stock swap.

American Phoenix, a technology and holding concern, will acquire all of the Teterless capital stock for a combination of American Phoenix common stock, preferred stock and options. Teterless shareholders will have the right to select a majority of the American Phoenix board when the transaction is completed, the Irvine company announced.