Rain retracts Telkom merger offer announcement

“As Rain, we are pleased with Telkom’s SENS announcement stating that if an offer or formal proposal is received from Rain, the board of Telkom will consider it,” the company said.

“The Takeover Regulation Panel has noted, with grave concern, a press announcement issued by Rain proprietary limited regarding a potential offer to merge with Telkom on 11 August 2022,” it said in a statement to shareholders on the JSE news service . Rain, of which Patrice Motsepe’s African Rainbow Capital owns around a 20% stake, said a merger with Telkom would create a 5G powerhouse.

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Rain retracts Telkom merger offer announcementRain has withdrawn its announcement that it submitted a merger proposal to the Telkom board after a sternly-worded reprimand from the Takeover Regulation Panel.
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