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Huge forges ahead

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With its proposed acquisition of iTalk Cellular still up in the air, the Huge Group is not wasting any time in looking for new opportunities.

The company announced today that it has entered into preliminary discussions with third parties involving the release of certain confidential information.
The information is being released in order for the parties to reach a decision on whether or not such discussions should lead to formal negotiations, a statement reads.
The parties haven't entered into any formal negotiations as yet but, if they do – and they're successful – they may have an effect on the group's share price.
Last week MTN announced it will buy up the rest of iTalk Cellular, although Huge Group had already bid for the shares in question, and been given permission to go ahead with an acquisition.
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.