Telkom issued a SENS announcement on the morning of 9 November, stating it is looking at a “potential transaction to acquire all of the shares of Cell C”.
“Such transaction, if successfully concluded, may have a material effect on the price of Telkom’s securities,” said Telkom.
“Telkom is currently performing due diligence on Cell C.”
The confirmation comes following reports that Cell C’s owners Oger Telecom rejected a R14-billion bid by Telkom for the mobile operator.
According to Bloomberg, Telkom made the offer for Oger’s 75% stake in Cell C, citing a person familiar with the matter.
Oger, which wants up to R22 billion for Cell C, set a deadline of late November for a renewed offer, according to the report