Even though Rain landed in hot water with the takeover regulation panel (TRP) after announcing its offer to merge with Telkom, analysts say it is still in the race. Some believe it stands as good a chance as MTN to win over the Telkom board and regulators, if not better.
The data-only mobile operator threw its name in the hat as an alternative to MTN's proposed takeover of Telkom on Thursday.
This came less than a month after MTN approached the same board with a buyout bid. But the TPR ordered Rain to retract its statement about its offer to Telkom, after it didn't get the necessary approvals. Also, Telkom said it didn't received an offer. Now, the Michael Jordaan-backed company might need to return to the drawing board to fix those legal issues before proceeding.