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Johannesburg - Blue Label Telecoms has halted discussions with an unnamed party that expressed interest in acquiring all of the company's issued shares.
Blue Label, which is listed on the Johannesburg Stock Exchange (JSE), specialises in the likes of prepaid mobile and electricity vouchers.
According to the Blue Label website, the group “handles over 400 million separate transactions per month and processes about 80 million bulk print vouchers per month across its 150 000 points of presence in South Africa”.
Blue Label has over 1,100 employees with headquarters in Johannesburg. The group also has operations in India, Mexico and the United Kingdom.
But a bid to takeover the company has not been successful.
“Shareholders are referred to the company’s cautionary announcement first made on 1 October 2014. Blue Label considers that insufficient progress has been made in relation to the non-binding expression of interest received to merit shareholders remaining under cautionary,” said Blue Label in a Sens statement.
“The company has terminated its engagement with the party that submitted the non-binding expression of interest,” Blue Label added.Blue Label was founded in 2001 and listed on the JSE in 2007. Earlier this year, Blue Label reported revenue of R19.4bn.
