The long-stop date for the Business Connexion (BCX) and Telkom merger has been extended from 31 March 2015 to 30 April 2015.
This is in order to extend the time available for the completion of the regulatory approval processes.
BCX announced on 22 May 2014 that Telkom had made an offer to acquire the entire share capital of the company by way of schemes of arrangement.
The parties wish to advise that both BCX and Telkom are awaiting the following regulatory approvals:
* The Competition Commission of South Africa; and
* To the extent required, The Independent Communications Authority of South Africa (ICASA).
Upon receipt of the above approvals, final approval will be sought from the Takeover Regulations Panel and the JSE.
Unconditional approvals have been obtained from the following regulatory bodies:
* The Namibian Competition Commission on 8 October 2014.
* The Tanzania Fair Competition Commission on 13 October 2014.
* The Competition Authority of Botswana on 4 November 2014.
* The Common Market for Eastern and Southern Africa (COMESA) Commission on 11 March 2015.
Isaac Mophatlane, Business Connexion Group CEO, says that the acquisition of BCX by Telkom is still well on track.