MTN`s offer for Middle East operator Investcom has been declared unconditional. The South African cellular operator told the Johannesburg bourse on Tuesday evening that all conditions of its $5.53 billion offer to shareholders of Investcom had either been satisfied or waived.
Towards the end of last month, both groups of shareholders indicated their support for the transaction.
MTN said at the beginning of May that it aimed to buy the Beirut-based company, which operates cellular networks in 10 Middle Eastern and African countries. MTN has indicated it aims to list up to 204.3 million new shares in partial payment for the acquisition.
The offer will remain open for acceptance until 5pm, Dubai time, on 12 July.
As soon as MTN has received acceptance for 90% of the shares, it intends acquiring the remaining shares through compulsory acquisition. The MTN Group expects it will soon have these acceptances in terms of the tender agent agreement.
It has already attained 75% of the voting rights attached to Investcom shares. The company now seeks the cancellation of trading in Investcom global depositary shares (GDS) on the London Stock Exchange`s market for listed securities and its listing from the Official List of the UK Listing Authority.
It also seeks cancellation of the trading in Investcom GDS on the Dubai International Financial Exchange (DIFX) and its listing from the Official List of Securities of the DIFX.
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