This is a just one stuffup after the other and is a lesson in corporate politics and colusion.
iBurst Business became successful and this became a problem for certain people in the group who saw it as a threat to their own business. They made life miserable for the iBB staff until they all resigned. On cue (surprise, surprise), Blue Label stepped in and offered the iBB staff a new home and everyone moved into the Blue Label building. This all happened a few weeks ago and they started trading as Blue Label Communications.
A real win-win.

They got rid of their competition and Blue Label got a fully functional and revenue generating business for nothing.
Obviously WBS is the big loser but as the ship is sinking in any case with Vodacom pulling out and the other shareholders refusing to fund the company, no-one really cares what happens to WBS.
Or so it seemed. The sudden about face by Blue Label, telling the ex-iBB staff the deal is off after it's been in place for many weeks and they need to find a new home, smells like they got caught out trying to pull a fast one on the other WBS shareholders by taking the lucrative, and only feasible, portions out of WBS for themselves in direct conflict of their fudiciary duties.