South African mobile phone operator MTN has extended its offer for Investcom until further notice and said on Thursday 99,5% of Investcom’s shareholders had accepted the deal.
MTN, Africa’s largest cellular operator, had previously said the second closing date of the offer to shareholders of Investcom LLC was July 12 2006.
MTN said in May it had agreed to buy Investcom for $5,53-billion to boost its subscriber base to more than 28-million.
”MTN Group now announces that the offer is open until further notice. Remaining Investcom shareholders who do not accept the offer will receive at least 14 days notice before the offer is closed,” the group said in a statement.
The company said it had received valid acceptances of the offer in respect of around 1,43-billion Investcom shares or 99,5% by the close of business on Wednesday.
The price was to be settled in cash or through a combination of cash and an issue of new shares to Investcom shareholders.
MTN shares closed at R53,90 on Wednesday. – Reuters