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.
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.