it had terminated discussions relating to Rain’s proposal for a potential acquisition for newly issued shares in Telkom.told shareholders: “After initial discussions, but prior to any due diligence, the parties have decided that a suitable transaction is not possible at this time.”and Telkom about two months ago. MTN walked away from the discussions because Telkom was entertaining a separate proposal from Rain.
It was announced in July last year that MTN and Telkom were in discussions, with the former proposing acquiring Telkom’s entire issued share capital in return for shares or a combination of cash and shares in MTN. Although MTN had not outright said it was after exclusivity, Telkom released a statement that said the talksWith Rain’s proposal now thwarted, MTN might perhaps consider resuming its talks with Telkom.
“Telkom continues to execute its strategy to unlock value for shareholders and will provide an update on progress in this regard in due course,” it said on Wednesday. Anathi Madubela is a business journalist with a keen interest in the retail sector.
Thanks Goodness for this. Telkom would have destroyed Rain.
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