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Telkom rejects Rain’s acquisition proposal

12 Jan 2023

South African telecoms operator Telkom has informed its shareholders that it has terminated discussions relating to Rain’s proposal for an acquisition. Rain submitted a non-binding proposal to be acquired by Telkom in mid-September 2022, in exchange for new shares in the capital of the operator. In a notice on the JSE website, Telkom said: ‘After initial discussions, but prior to any due diligence, the parties have decided that a suitable transaction is not possible at this time … Telkom continues to execute its strategy to unlock value for shareholders and will provide an update on progress in this regard in due course.’

TeleGeography notes that MTN Group abandoned talks to buy Telkom in October 2022, because the latter could not assure it that negotiations were exclusive.

South Africa, MTN South Africa, Rain (Multisource/WBS), Telkom South Africa

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