Cell C’s creditors aren’t giving up on a takeover offer from rival Telkom, which South Africa’s third largest mobile network operator rejected last week.
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Shares of Vodacom Group and MTN Group slumped after South Africa’s two biggest mobile phone companies were ordered to step up efforts to lower data prices within the next two months or face prosecution.
Communications regulator Icasa has said there is insufficient competition in aspects of the delivery of mobile broadband in South Africa.
Ahead of publication of the Competition Commission’s final report flowing from its inquiry in the data services market, expected later on Monday, TechCentral republishes this column from editor Duncan McLeod.
Telkom has withdrawn a cautionary notice to shareholders about its proposed acquisition of Cell C after the board of the mobile operator spurned its approaches.
Shares in Telkom continued their sharp downward slide on Thursday, flirting with levels last seen more than two years ago, as investors digested the group’s recent interim results and its complicated attempt to buy Cell C.
Communications regulator Icasa said on Tuesday that it will probe the just-signed expanded roaming agreement between MTN South Africa and Cell C.
Telkom on Tuesday rubbished talk among some JSE traders that it is planning a hostile bid for Cell C.
The share price of Telkom tumbled on Monday morning while Blue Label Telecoms rose after MTN South Africa and Cell C announced they had signed a massively expanded roaming deal.
Telkom said that it expects that the “parties involved” will have considered the newly announced, much-expanded roaming agreement between Cell C and MTN South Africa “in the context of the discussions with Telkom”.