BCX shareholders to vote on acquisition by Telkom

South African ICT solutions firm Business Connection (BCX) will allow shareholders to vote part on the proposition by part state-owned fixed line operator Telkom to purchase the company.

BCX made the announcement to shareholders today, setting the voting date for August 11, 2014.

HumanIPO reported in May Telkom had offered ZAR2.7 billion (US$260 million) to buy BCX as part of its strategy to expand its portfolio.

However the company suspended talks regarding the intended acquisition last month after former chief executive officer (CEO) Benjamin Mophatlane passed away.

Shortly after the passing of Mophatlane, Vanessa Olver was approved as acting CEO by the company’s board.

BCX announced today it would also vote on “current share incentive schemes and the establishment of a new retention and incentivisation plan”, and will hold a general meeting, ordinary scheme meeting and a scheme meeting, announcing the results of the vote on August 12.

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