Telkom’s acquisition of listed ICT firm Business Connexion (BCX) is on track, with only regulatory approvals blocking the path, BCX says.<\/p>\n
Telkom announced in May 2013 that it had entered into an agreement to acquire the listed ICT group in a R2.7 billion cash offer funded from its own cash resources.<\/p>\n
The purchase includes the entire issued ordinary share capital of BCX, but excludes the BCX ordinary shares held by Business Connexion as treasury shares.<\/p>\n
Telkom will pay to the ordinary shareholders a cash consideration of R6.60 per ordinary scheme share, and will terminate BCX’s listing on the main board of the JSE once the deal gets final approval.<\/p>\n
In a SENS announcement on Tuesday (21 October) BCX notified shareholders that both parties are awaiting the following approvals:<\/p>\n
“Upon receipt of the above approvals, final approval will be sought from the Takeover Regulations Panel (TRP) and the Johannesburg Stock Exchange (JSE),” BCX said.<\/p>\n
Unconditional approvals have been obtained from the following regulatory bodies:<\/p>\n
“The transaction is still on track as we await the appropriate regulatory approvals noted above,” the ICT firm said.<\/p>\n
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