Bharti Airtel has offered to retain the top management at MTN for at least 3 years and given the option of an all-cash offer to minority MTN shareholders to sew up the planned tie-up between the two firms.
MTN`s USD 23 bn deal to merge with Bharati Airtel is being delayed as the company does not want to "lose its identity" and wants its South African base to be the "mother ship" of the new entity that will span two continents.
MTN, which is in talks with India`s Bharti Airtel for creating a combined entity worth USD 23-billion, on Thursday said the proposed transaction is compelling as it fits into the company`s emerging market strategy.
Claiming that merger discussions with South African firm MTN are progressing "satisfactorily", Bharti Airtel on Thursday said that the period for exclusive talks has been extended by yet another month till September 30.
Bharti Airtel is working on a
revised offer for a possible deal with South Africa`s MTN,
which may entail higher cash outgo and additional debt to be
raised by the Indian company to fund the transaction, sources