MTN has withdrawn from takeover talks with Telkom.
The companies started negotiations for MTN to buy all of Telkom’s issued share capital on 15 July 2022.
“After extensive engagements and deliberations between the parties, shareholders are advised that the discussions regarding the proposed transaction have terminated, as the parties were unable to reach agreement to their mutual satisfaction on the process going forward,” according to an MTN statement.
The initial offer was followed by a brief flurry of interest in buying up Telkom from other parties.
Rain made a non-binding offer to acquire the telco on 30 September, which Telkom was evaluating – a move that did not sit well with MTN.