South Africa's Telkom said on Friday it had rejected an offer led by its former CEO to buy a majority stake in country's third biggest telecoms company, sending its shares down 7%.
Customers are served at a branch of South Africa's mobile operator, Telkom, in Johannesburg, South Africa, March 2, 2022. REUTERS/Siphiwe Sibeko/File Photosaid on Friday it had rejected an offer led by its former CEO to buy a majority stake in country's third biggest telecoms company, sending its shares down 7%.
Telkom's current CEO Serame Taukobong said at the time that the company did not need "a knight in shining armour" in an indication that he did not see the offer as an appealing one. "The Indicative Proposal is not in the best interest of shareholders," Telkom said in Friday's statement. The company said it will not continue talks with the consortium led by the former CEO as it believes its current strategy would yield better value for shareholders.
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