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Telekom Networks Malawi Breaks Off Takeover Talks

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Telekom Networks Malawi (TNM) says that it has broken off talks with a mystery suitor rumoured to be South Africa's Vodacom who had offered to buy a large stake in the company.

In a statement, TNM said that "interested party has proposed substantive amendments to the indicative offer terms outlined in its original expression of interest."

TNM said that it considers these amendments to be unaccepted and has, therefore, terminated discussions with the party concerned.

The company has a diverse shareholder base, with just 21% listed on the stock market. The government owns 44.5%, and three other corporate shareholders have between 10.5-13% each.

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