The merger deal between Telkom and ICT firm Business Connexion (BCX) will miss its long-stop deadline of 30 April, as the companies still await approvals from authorities.<\/p>\n
The deal is still awaiting approval from South African competition authorities and Icasa, Telkom announced on Thursday (30 April).<\/p>\n
“Upon receipt of the above approvals, final approval of the Proposed Transaction will be sought from the Takeover Regulation Panel,” Telkom said.<\/p>\n
In the meantime, the group noted that the deadline for the implementation of the merger has been pushed back to 31 May 2015.<\/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\u2019s listing on the main board of the JSE once the deal gets final approval.<\/p>\n
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