Rain has not withdrawn its statement of a proposed offer to merge with Telkom after the Takeover Regulation Panel reprimanded the company over its announcement., the operator has sought legal advice and hoped to “engage constructively” with the TRP over the matter.
The operator maintains that such a merger could create a 5G “powerhouse” and stronger third mobile network to compete with Vodacom and MTN’s so-called “telco duopoly” in South Africa. “The TRP 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,” the panel said.
“If an offer or formal proposal is received from Rain, the board of Telkom will consider it in accordance with its legal obligations.”they had entered into discussions on MTN acquiring all of Telkom’s issued share capital on 15 July 2022.
So how can Rain say they are proposing a merger when, “Telkom can confirm that no offer or proposal has been received from Rain,” “If an offer or formal proposal is received from Rain, the board of Telkom will consider it in accordance with its legal obligations.”
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Rain’s Telkom merger announcement declared illegalThe Takeover Regulation Panel expresses “grave” concerns over Rain’s potential offer to merge with Telkom, saying it was issued without the required prior approval.
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