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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Telkom is not a spent force - yet - TechCentralBut the former telecommunications monopoly faces huge challenges if it hopes to remain a significant market player.
Read more »
Telkom rejects R12 billion offer – with MTN on standby: reportTelkom’s board has rejected a R12 billion offer for a 35% stake from a consortium led by its former CEO.
Read more »
Telkom board rejects Maseko consortium bidWith its share price crashing, the telecom giant might become the target of more bidders — including rival MTN.
Read more »
BACKSTORY: Lee Bromfield, CEO of FNB InsuranceThe FM questions Lee Bromfield, CEO of FNB Insurance.
Read more »
The big semigration issue for the Western CapeSteve Brookes, CEO of Balwin Properties says semigration to the Western Cape is often overemphasised.
Read more »
ChatGPT creator’s CEO calls on China to help shape AI regulationsIn both China and Silicon Valley, talent and investments are flowing into AI, a strategic area that will help define the deepening tech rivalry between the world’s two largest economies.
Read more »