Telkom rejects former CEO’s bid for controlling stake in company

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The operator’s board immediately rejected the bid for being too low.

According to the report, Axian and Afrifund presented their offer in early March 2023 when Telkom’s share was trading at around R38.

However, the partners are facing a potential challenge from MTN, which has previously shown interest in acquiring Telkom. Recently, Telkom warned shareholders it is likely to report a significant decline of 465% to 485% in basic earnings per share for the 2022/2023 financial year. It has also struggled to keep up technologically, having only launched 5G towards the end of last year, more than two years after the bigger players.

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