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No additonal suitors for Telkom

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Despite market speculation, Telkom says it has had no other acquisition offers since receiving two exploratory letters from UAE-based Oger Telecoms – offers it rejected as not being in the best interests of shareholders.

In a statement, South Africa's largest telco says Oger submitted two non-binding letters expressing an interest in an acquisition.
"Both letters clearly state that they have been submitted on a confidential basis, are not binding and should not be construed as a firm intention to make an offer as described in Rule 2.3 of The Securities Regulation Code on Takeovers and Mergers (Code)," Telkom says. "The interest expressed by Oger Telecoms did not embody an offer which could be put before shareholders and, as previously announced, was evaluated by the Board which decided it would not be in the best interests of Telkom shareholders."
Telkom adds that it has received no further acquisition offers but that, if it did, shareholders would be notified.
"To date, Telkom has not received any further expressions of interest as speculated in the press or any offer which it is required to place before its shareholders," it says. "If any firm offer is received which is capable of being implemented, Telkom will, as required in terms of the Code, place such offer before shareholders."