Cell C’s owners reject Telkom bid: report

Cell C’s major shareholder Oger Telecom has reportedly rejected a R14-billion bid from Telkom for its South African mobile operator.

According to Bloomberg, Telkom made the offer for Oger’s 75% stake in Cell C, citing a person familiar with the matter.

“Telkom is now conducting due diligence on whether to make a renewed offer for Dubai-based Oger’s stake in South Africa’s third-largest mobile-phone company,” the source was quoted as saying in the report.

Oger, which wants up to R22 billion for Cell C, has set a deadline of late November for the renewed offer, according to the source.

Oger declined to comment on the matter, while Telkom said it would share “any relevant information” when required to do so.

News of the rejected bid follows reports that Telkom was only prepared to pay R18 billion for Cell C, but revised its latest offer below that amount.

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