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Huge throws down the gauntlet

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Huge Group will fight for its right to buy into iTalk Cellular.

Friday's news that MTN is buying up the rest of iTalk Cellular has fired a shot across the bows of the Huge Group, which had already bid for the shares in question, and been given permission to go ahead with an acquisition.
However, according to a statement from Huge Group, the offer it made included a requirement for MTN to waive its pre-emptive rights in the company – which it clearly hasn't done.
MTN's offer will still have to go before the Competition Commission before the transaction can be approved, an exercise that Huge Group has already successfully gone through.
Should MTN be given approval by the Competition Tribunal, Huge has given notice to shareholders that it intends to oppose the transaction.