The South African incumbent also recently rejected bids and buyout proposals from fellow operators MTN and Rain
Telkom South Africa has rejected a third offer, this time made by a consortium led by former CEO Sipho Maseko, to acquire a majority stake in the company. Telkom says that the indicative proposal, which it received last month, is not in the best interests of shareholders.
Telkom is directly and indirectly owned by the state. The consortium comprises pan-African group Axian Telecom and South Africa’s Government Employees Pension Fund, managed by the Public Investment Corporation (PIC).
However, Telkom’s CEO, Serame Taukobong, has been widely quoted saying that he believes in the restructuring strategy that is underway and that, “We do not need a knight in shining armour”. He has also said the operator will not engage in further talks about a possible deal.
Telkom has received two other merger and buyout proposals in recent times, from African operator MTN and domestic competitor Rain.
Telkom is 70% directly and indirectly owned by the state.