Nigeria: Teleology Determined To Succeed in 9mobile Take Over Bid, Releases A 10-Point Agenda
Reports are saying that even though Teleology Holdings will most likely not be disqualified from acquiring Nigeria's 4th largest network, the Nigerian House of Representatives may invite them to make an official presentation of its plans for the network.
However, the acquisition process of 9mobile has been temporarily suspended by a Federal High Court to settle the protests of some of the company’s angry shareholders, like businessman Alhaji Dahiru Mangal.
Teleology is determined as it has intensified efforts to meet the payment deadline for the payment of the bid sum of $300 Million.
Reports have gathered that the preferred bidder had hired UBS, a global financial services firm, to help collect a $300 million short-term loan from local banks and investors to make the acquisition successful.
According to sources, Teleology made a $301 Million offer to acquire 9mobile and has deposited a $50 million non-refundable cash to lock down its preferred bidder position for the sale of the network. The balance will be raised via equity.
Teleology is considered a special purpose vehicle (SPV), set up by Nigerian investors under the stewardship of Adrian Wood, a former CEO of MTN Nigeria.
In spite of the of the oppositions, Wood remained optimistic about the take over bid and resolute that he would deliver on the promise made concerning the financial ability of Teleology to pay all bills regarding the acquisition of 9mobile, and technical capability to handle the network.
In less than 24 hours after achieving the March 22 deadline for the payment of the $50 million non-refundable cash deposit for 9mobile, wood announced his 10-point agenda on which the telecoms company would be managed.