Telecoms company Rain said it will engage regulators after being reprimanded by the Takeover Regulation Panel when it announced it was exploring a possible R40bn tie-up with Telkom. 

The high-speed network operator, partly owned by businessman and former CEO of First Rand, Paul Harris, and Patrice Motsepe’s African Rainbow Capital, surprised markets when it started a bidding war over Telkom, which is the subject of a formal offer from MTN to buy its entire business. ..

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