Bharti is set to up its offer for South Africa''s telecom giant MTN after MTN''s investors made it clear that the 165 rand per share offer was too low. Sources suggest Bharti is likely to rope in Singtel, the South East Asian telecom major for its bid for MTN.
Sunil Mittal''s relief on hearing that his friend Arun Sarin of Vodafone may after all not put in a bid for MTN is clearly a short lived one because now Etisalat, the Dubai based telecom major, seems to have entered the race. This means that Bharti may just have to speed up its plans on putting in a formal bid and it seems that the company is ready to up the bar. Reports suggest Bharti is upping its offer for MTN by 10 rands per share to 175 rands per share pushing the cost of a 51 per cent stake in MTN to almost $22-23 billion.
Experts believe that entry of other bidders can easily push up the price to between 180 to 190 rand per share.Sources say the mood in Bharti is now to move quickly with the offer before others step in and Singtel partnering it in the bid. Bharti''s formal bid may come by May 17, a perfect setting, after all it is the World Telecom Day.
Sunil Mittal''s relief on hearing that his friend Arun Sarin of Vodafone may after all not put in a bid for MTN is clearly a short lived one because now Etisalat, the Dubai based telecom major, seems to have entered the race. This means that Bharti may just have to speed up its plans on putting in a formal bid and it seems that the company is ready to up the bar. Reports suggest Bharti is upping its offer for MTN by 10 rands per share to 175 rands per share pushing the cost of a 51 per cent stake in MTN to almost $22-23 billion.
Experts believe that entry of other bidders can easily push up the price to between 180 to 190 rand per share.Sources say the mood in Bharti is now to move quickly with the offer before others step in and Singtel partnering it in the bid. Bharti''s formal bid may come by May 17, a perfect setting, after all it is the World Telecom Day.
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