The proposed acquisition of Business Connexion (BCX) by Telkom has been put on hold following the death of BCX CEO Benjamin Mophatlane.
The two companies have issued the following joint statement: “The BCX announcement released this morning on the Stock Exchange News Service of the JSE Limited regarding the passing of its CEO refers.
“BCX lost its leader, visionary and founder yesterday. Further to this Benjamin Mophatlane represented the core of the culture and leadership of BCX. Ben was a well-respected and much loved figure in the industry and a colleague and friend to both our organisations.
“As the shareholders are aware, BCX and Telkom are currently pursuing a transaction. As a result of this tragic blow to the BCX leadership and out of respect to the memory of Benjamin Mophatlane and his family, Telkom and BCX have jointly agreed to suspend current activities pursuant to the transaction during the mourning period.
“Both organisations remain committed to the transaction and will recommence the process in due course.
“The Takeover Regulation Panel has granted an extension for the posting of the circular relating to the transaction until 11 July 2014.”