Business Connexion Group (BCX), and Telkom, have announced the postponement of talks relating to a merger deal, to mourn the passing of BCX chief executive officer, Leetile Benjamin Mophatlane.
Mophatlane suffered a cardiac arrest on Wednesday 11, June 2014.
In May, Telkom said it has entered into an agreement to acquire listed ICT group, BCX, in a R2.7 billion cash offer funded from its own cash resources.
“As the shareholders are aware, BCX and Telkom are currently pursuing a transaction. As a result of this tragic blow to the BCX leadership and out of respect to the memory of Benjamin Mophatlane and his family, Telkom and BCX have jointly agreed to suspend current activities pursuant to the transaction during the mourning period,” BCX said in a statement.
“Both organisations remain committed to the transaction and will recommence the process in due course.
“The Takeover Regulation Panel has granted an extension for the posting of the circular relating to the transaction until 11 July 2014,” BCX said.
The group said on Thursday, that it has appointed Vanessa Olver, currently deputy CEO, as acting CEO.