Bharti Airtel and South African telecom major MTN have decided to extend their talks for a possible merger till September 30.
This is the second time the two companies have extended the exclusivity period. Earlier, they had said that talks would continue till August 31. However, issues related to minority shareholders seeking better valuation and regulatory clarity are probably holding up the merger agreement.
In a statement on Thursday, Bharti Airtel said: “This refers to the announcements dated May 25 and August 3 concerning discussions regarding a potential transaction between Bharti Airtel and MTN. Bharti and MTN had entered into an exclusivity agreement regarding the potential transaction until August 31. Discussions between the parties continue to progress satisfactorily and the parties have accordingly agreed to extend the exclusivity period until September 30.”
“No decision or agreement to acquire any shares or implement the potential transaction outlined above has yet been made by the Boards of either Bharti or MTN and the discussions may or may not lead to any transaction,” it added.
Source: The Hindu Businessline