Cell C rejects Telkom South Africa's takeover bid

News Wireless South Africa 29 NOV 2019
Cell C rejects Telkom South Africa's takeover bid

Telkom South Africa said Cell C board has rejected its takeover bid and so Telkom has withdrawn its cautionary trading announcement. Telkom told shareholders it had received written notice from the Cell C board of directors rejecting its non-binding proposal.

The Telkom board said it continues to believe the offer is a compelling proposition that would have created significant value for all stakeholders including Telkom’s shareholders.

Cell C is majority-owned by Blue Label Telecoms. It has an estimated ZAR 9 billion in debt.


 

Categories:

Mobile

Companies:

Blue Label Telecoms,  Cell C,  Telkom

Countries:

South Africa

Tags:

Internet Access, Wholesale, M&A buyouts & divestments

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