Subscribe

Mystery bidder was serious, says BCX CEO

Kimberly Guest
By Kimberly Guest, ITWeb contributor
Johannesburg, 29 May 2006

Business Connexion`s CEO, Peter Watt, has told journalists that the second bidder for the organisation was indeed serious and that he still plans to retire during 2007.

Watt`s announcement follows speculation that the second bidder for Business Connexion (BCX) - which entered the bidding fray unnamed on 28 April, only to remove its offer from the table in mid-May - may have been up to "mischief" and more interested in getting a look at the company`s trade secrets than in actually acquiring the group.

However, Watt revealed late last week that the bidder was "serious" and that its venture capital-type approach had required the bidder to prove returns to investors within specific time periods - a requirement which ultimately resulted in its withdrawal.

Meanwhile, Watt has joined fellow BCX directors Alan Farthing, group executive of finance and administration, and Marius Schoeman, group executive of commercial services, in the exercise of share options for sale. This has sparked conjecture that the acquisition negotiations may be affecting business focus. However, Watt says the company`s management and employees have become so used to acquisition talks that business is continuing as usual.

"We are very fortunate that it has happened so often that no one takes any notice anymore," he said.

He added that the company is looking forward to a ruling from the Competition Tribunal so that Telkom`s interest in the group could be determined once and for all.

In terms of his plans to retire, Watt explained that this decision has been known to the industry for some time, but that he would delay his exit should the Telkom acquisition go through. He said this would still allow him to follow through with his plan to retire during next year.

Share