Telkom rejects R12 billion offer - with MTN on standby
The Telkom board has reportedly rejected a R12 billion offer for a 35% stake in the company from a consortium led by former CEO Sipho Maseko., Maseko’s Afrifund Investments and Madagascar-based Axian Telecom submitted their bid in March, which also requires the South African government to dilute part of its 40.5% state in Telkom.
However, sources told the paper that discussions are still underway and that a revised offer, which is not materially different from the original, has been offered. MTN remains cautious after a bid to buy 100% of Telkom fell through in July 2022 after competing network Rain proposed a merger between itself and Telkom.MTN group corporate affairs chief Nompilo Morafo said that no offer for Telkom has been made. However, analysts believe that MTN is interested in Telkom’s fibre network“Telkom is a business with good assets.
This would result in a HEPS decreasing between 489 to 604 cents per share, meaning a final number loss of 29 cents per share to earnings of 86 cents per share .
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