Blue Label acquisition update

JSE-listed Blue Label Telecoms says that talks around its possible acquisition are still ongoing.

The telecoms group, a distributor of pre-paid vouchers and other mobile services, said in October, that it received a “non-binding expression of interest” from an unnamed company for the acquisition of all its issued shares.

In a cautionary announcement on Tuesday (11 November), Blue Label said: “shareholders are advised that discussions are still on-going”.

The company warned in October that the non-binding nature of the discussions does not constitute a firm intention to make any offer – and it is possible that no offer may result from the process.

Shares in Blue Label were up marginally in trade on Tuesday morning, to R10.16, giving the group a market cap of R6.8 billion.

In August, Blue Label reported an 8% rise in its dividend per share to 27 cents for the period ended May 2014, on the back of a rise in profits.

Revenue improved to R19.4 billion, from R18.98 billion before, while group operating profit was up to R723 million, from R646 million in 2013.

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Blue Label acquisition update