Telkom confirms potential Cell C acquisition

Telkom, via an announcement to shareholders, has confirmed that it is in the process of acquiring its rival network, Cell C.
The telecommunicaitions company warned shareholders to trade carefully, as the firm was “is in discussions regarding a potential transaction to acquire all of the shares of Cell C”.
The news follows intense speculation that the company has been considering purchasing Cell C and either running the network as a standalone business or incorporating it underneath or within Telkom Mobile.
Presently, it has not been confirmed how much the company has offered for the purchase of Cell C, yet what is certain is that the company is interested in acquiring more than the controlling stake Oger Telecom has at 75% of the company.
Telkom has advised its shareholders to exercise caution when trading in company securities, until the company has made a follow-up announcement on the matter.
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Source: IT Web