Cell C drops Telkom

Telkom has told its shareholders it received written notice from the Cell C board of directors rejecting its non-binding proposal. Courtesy of #DStv403

JOHANNESBURG - Cell C has formally rejected Telkom's takeover bid.

Telkom has told its shareholders it received written notice from the Cell C board of directors rejecting its non-binding proposal.

It's understood Telkom's offer was one of two being considered by Cell C, the other being a broader roaming agreement with MTN.

READ: Telkom confirms it wants to buy Cell C

Telkom's offer was thrown into doubt after Cell C entered into a roaming agreement with MTN earlier this month.

Cell C and Telkom grouping would have created a strong competitor to Vodacom and MTN.

MTN and Vodacom have 70-million of the 95-million active SIM cards in SA.

Source
eNCA