Telkom confirms talks
However, Telkom added that the letter makes it clear that the offer will only be made if a number of pre-conditions are met, including confirmation by the Telkom Board that it will unbundle Telkom’s entire 50% stake in Vodacom as part of the offer.
It further said that that it had received a non-binding proposal from a wholly owned subsidiary of Vodafone Group plc to acquire a portion of Telkom’s stake in cellphone operator Vodacom subject to the company unbundling its remaining stake in Vodacom to Telkom shareholders.
Telkom said the discussions with Vodafone commenced on Wednesday, May 14 2008 and are independent from the approach from the consortium.
"The Board of Telkom, in accordance with its fiduciary duties, will evaluate all bona fide offers with a view to maximising shareholder value.
"No transaction will be entered into without requisite shareholder approvals," concluded Telkom.
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