Rain has withdrawn its press release of 11 August in which it announced a plan to approach Telkom's board about a merger.
by the Takeover Regulation Panel , telecommunications operator Rain has withdrawn its press release of 11 August in which it announced a plan to approach Telkom’s board about a merger.of flouting companies regulations in announcing its plan, saying it did so without permission.Rain wants to merge with Telkom: asks to pitch proposal to board
“As Rain, we are pleased with Telkom’s Sens announcement stating that if an offer or formal proposal is received from Rain, the board of Telkom will consider it. Rain intends to submit a formal, non-binding proposal to Telkom in due course. Further details will be published as appropriate in compliance with the takeover regulations,” it said.
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