The South African securities' regulation panel rules and the Companies Act, which requires a mandatory offer to minority shareholders once an investor crosses the 35 per cent shareholding threshold, are not applicable to the Bharti Airtel-MTN deal.
According to sources close to the deal, this is a transaction based on 'a scheme of arrangement.' This entails an understanding between two companies which would eventually require shareholders' approval through a special resolution.
Some of the minority shareholders of MTN have raised questions on the deal or are keeping quiet now and might do so.
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