Global Courant
Telkom’s board is said to have rejected a R12 billion offer for a 35% stake in the company from a consortium led by former CEO Sipho Maseko.
According to reports, former CEO Afrifund Investments and Madagascar-based Axian Telecom submitted their bid in March, which would also require the South African government to dilute part of its 40.5% stake in Telkom.
Although the conglomerate made an offer of R46 per share, which at the time was a 20% premium over the R38 share price for a majority stake in the embattled telecommunications company, Telkom’s board rejected the offer, deeming it too low and unprofitable. in the best interest of Telkom shareholders.
Reliable sources have revealed that discussions are still ongoing and a revised offer is on the table, which does not differ materially from the original. To top it off, MTN is also still considering its options with the group and considering another offer.
The MTN group is still quite cautious after a bid to buy 100% of Telkom fell through in July 2022 after rival network Rain proposed a merger between itself and Telkom.
MTN Group Corporate Affairs Chief Nompilo Morafo said no bid has been made for Telkom. However, analysts believe that MTN is interested in Telkom’s fiber optic network Openserve.
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