BCX TKG
BCX TKG
BCX/TKG - BCX /Telkom - Update on Telkom`s proposed acquisition of the entire
issued share capital of BCX
Business Connexion Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/005282/06)
Share code: BCX ISIN: ZAE000054631
("BCX")
Telkom SA Limited
(Incorporated in the Republic of South Africa)
(Registration number 1991/005476/06)
Share code: TKG ISIN: ZAE000044897
("Telkom")
Update on Telkom`s proposed acquisition of the entire issued share capital of
BCX (the "Proposed Acquisition")
Shareholders are referred to the Scheme of Arrangement entered into between
Telkom and the BCX shareholders sanctioned by the High Court of South Africa on
20 June 2006..The Proposed Acquisition was subject to the Competition
Authorities approving the Proposed Acquisition in terms of the Competition Act,
1998 (Act 89 of 1998) as amended, either unconditionally or subject to such
conditions as may be acceptable to Telkom.
On 28 June 2007, the Competition Tribunal prohibited the Proposed Acquisition
and the transaction will therefore not complete.
Johannesburg29 June 2007
Financial advisor to BCX: Investec Corporate Finance
Financial advisor and sponsor to Telkom: UBS
Transaction sponsor to BCX: Investec Bank Limited
Attorneys to Telkom: Werksmans Inc.
Attorneys to BCX: Cliffe Dekker Inc.
Sponsor to BCX: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 29/06/2007 10:15:30 Produced by the JSE SENS Department.
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