Following the collapse of discussions between MTN and Telkom, Rain said it remains engaged with Telkom about a possible deal.
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MTN Group has walked away from talks to acquire Telkom, sending the partially state-owned operator’s shares crashing.
Shares in Telkom plummeted more than 10% on Friday after a report suggested talks with rival MTN Group about a takeover had stalled.
MTN Group’s talks to buy Telkom have stalled following a rival deal proposal from Rain, people familiar with the matter said.
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Shares in Telkom rallied on Tuesday after the company informed investors that it is still in talks with MTN Group about a transaction.
It appears Telkom’s apparent willingness to engage with Rain about a possible deal could scupper its merger talks with MTN Group.