Photo by: Bloomberg
JSE-listed Telkom has ended talks with the consortium comprising Afrifund Investments, Axian Telecom and the Government Employees Pension Fund, managed by the Public Investment Corporation, for the acquisition of a controlling stake in Telkom.
Withdrawing a cautionary on Friday, the group said that the indicative proposal was not in the best interest of shareholders and that the current Telkom strategy would yield better value for shareholders.
This followed the receipt in June of an unsolicited non-binding indicative letter for the acquisition of a controlling stake in the telecommunications group from the consortium.
At the time, Telkom Group CEO Serame Taukobong said that, while the company requested further clarity on several matters, including the proposed offer price and certainty of funding, from the consortium, it maintained that the discussions remained of an exploratory and non-consensual nature.