Telkom a BCX lone ranger again
On Tuesday afternoon, Business Connexion said the expression of interest it had received from an unnamed bidder in late April had been withdrawn.
Word on the street was that either the second network operator (SNOTelecom) or an international outsourcing company like IBM or T Systems were vying for BCX.
Telkom first announced it would offer BCX shareholders R9 in cash per share, together with a 25c a share dividend, on March 22. When Telkom first knocked on the BCX board’s door last year, it was turned away with the board saying the offer was too cheap.
Telkom has received support from five key BCX shareholders who between them hold “in excess of” 50% of the issued share capital. Among those supporting the deal is BCX’s 25% black economic empowerment shareholder Gadlex, which is headed up by BCX deputy CEO Benjamin Mophatlane and his twin brother Isaac.
BCX management was not available at the time of publication.
BCX shares were trading 1,8% lower on Tuesday afternoon at R8,70 apiece.
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