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Telkom says Cell C has rejected takeover offer

Telkom SA said on Friday the board of its larger but troubled rival Cell C had rejected its takeover bid.

Picture: @TelkomZA/Twitter

JOHANNESBURG - Telkom SA said on Friday the board of its larger but troubled rival Cell C had rejected its takeover bid.

“The Telkom Board continues to believe the offer is a compelling proposition that would have created significant value for all stakeholders including Telkom’s shareholders,” the statement said.

Cell C is majority-owned by Blue Label Telecoms. It has an estimated R9 billion in debt, and is in talks with both MTN and Telkom, telling MyBroadband in November discussions with MTN were at an advanced stage.

The move with Telkom could have put South Africa's two smallest telecoms companies on a better footing to compete against their larger competitors.