JOHANNESBURG - A few months after negotiations started, MTN has announced that it has cancelled its bid to acquire Telkom.
The decision comes after Telkom failed to provide assurances around exclusivity.
Discussions were at an early stage and had not progressed to due diligence nor had a binding offer been received by the Telkom board of directors.
MTN indicated that after extensive engagements and deliberations between the parties, an agreement that satisfies both parties could not be reached and so the takeover has now been cancelled.
A few months ago, MTN announced to the market that it was interested in buying Telkom to further expand its reach.
However, Rain then threw a spanner in the works and asked Telkom to acquire it.
It has been speculated that some MTN shareholders were not happy about that development.
Just a few months after negotiations started, MTN has announced that it has cancelled its bid to acquire Telkom. The decision comes after Telkom failed to provide assurances around exclusivity. #DStv403 pic.twitter.com/xvgdm8zqqo
— eNCA (@eNCA) October 19, 2022