An unidentified suitor has made a bid to acquire 100% of JSE-listed telecommunications and payments specialist Blue Label Telecoms, sending the firm’s share price higher by nearly 10% in Wednesday morning trading on the JSE.
“Shareholders are advised that the company has received a non-binding expression of interest for the acquisition of all the issued shares in the company. The board is engaged in discussions with the party expressing interest and will update shareholders whenever appropriate,” the company said in a short statement issued to shareholders via the JSE Sens news services.
“The non-binding expression of interest and discussions in that regard do not constitute a firm intention to make any offer and it is possible that no offer may result from this process. Accordingly, pending further announcements, shareholders are advised to exercise caution when dealing in their Blue Label shares,” it said.
Blue Label, which was founded by brothers Mark and Brett Levy, has principal operations in South Africa, India and Mexico. — (c) 2014 NewsCentral Media