Telkom-BCX deal gets thumbs up from shareholders

Mergers, Acquisitions and Financial Results

Business Connexion (BCX) shareholders voted in favour of a merger deal with Telkom on Monday (11 August).

Telkom announced in May 2013 that it had entered into an agreement to acquire the listed ICT group in a R2.7 billion cash offer funded from its own cash resources.

“BCX shareholders are advised that at the general meeting held on Monday, 11 August 2014 at 10:00, all of the resolutions as set out in the notice convening the General Meeting incorporated in the circular were passed, without modification, by the requisite majority of votes,” the company said in a SENS announcement.

The purchase includes the entire issued ordinary share capital of BCX, but excludes the BCX ordinary shares held by Business Connexion as treasury shares.

Telkom will pay to the ordinary shareholders a cash consideration of R6.60 per ordinary scheme share.