JSE-listed cellular provider MTN has extended its offer to Investcom shareholders, which was to close yesterday, "until further notice", the group told the bourse this morning.
By close of business in Dubai on Wednesday, the cellular company had received acceptances concerning 1.4 billion shares, or about 99.5% of Investom`s issued share capital.
Shareholders who have not accepted the offer will receive notice two weeks before MTN closes the offer.
MTN said at the beginning of May it aimed to buy the Beirut-based company, which operates cellular networks in 10 Middle Eastern and African countries, for $5.5 billion.
In the middle of November last year, Investcom had a market capitalisation of about $3.4 billion and 4.9 million subscribers.
Investcom reported net profit to end-December 2005 of $207.8 million, an increase of 31%. Revenue was 43% higher, at $903 million. MTN`s shares closed at R53.90 yesterday, up from Tuesday`s close of R53.25.
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