Last week, there was heavy trading in Uecomm shares with more than 7 million changing hands.

Last month, Uecomm rejected an 11cent a share bid from Mr Walker's private investment company, Huntingfield Investments. With 1500km of fibre-optic cable in the ground and a network to be completed in Perth, the assets may prove to be just too tempting for Mr Walker.

Commentators argue that Mr Walker should not have set such tough conditions in his earlier offer, which included a minimum 90 per cent shareholder acceptance and unanimous approval from Uecomm's directors.

Uecomm is 66 per cent owned by United Energy and its share price has been seen by some market analysts as the worst performing stock in the market. At time of writing, Uecomm's shares closed 3c higher to be at 17c.