Cell C rejects Telkom’s buy-out offer
Mobile operator Cell C on Thursday confirmed that it had rejected an unsolicited nonbinding and conditional acquisition proposal from telecommunications giant Telkom.
Media reports emerged this week that Telkom was planning to throw its hat in the ring for the buy-out of Cell C, which is being acquired by JSE-listed Blue Label Telecoms.
With legally binding agreements and obligations in place, Cell C was “unable and not willing” to pursue “any discussion” and rejected Telkom’s proposal.
“Among other things, Cell C has undertaken to not enter into any agreement, incur any obligation or take any action which may restrict it, or any of its affiliates, from complying with its obligations under such agreements or which could result in the transactions envisaged in such agreements not proceeding to completion,” said Cell C chairperson Mohammed Hariri in a statement.
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