JSE-listed Business Connexion`s (BCX`s) decision last year to reject all of the bids for its business, raised eyebrows amongst shareholders and industry-watchers alike. What was the rationale behind its decision, and where to next?

Speculation ran rife late last year around the potential acquisition of BCX. Talk at the time suggested companies as diverse as Tata and British Telecom as potential-bidders, in addition to confirmed bidders Telkom and the Altron-owned Bytes Technology Group. All of the excitement died down, accompanied by a drop in BCX`s share price, when the company announced on 14 December that it had withdrawn the cautionary it had been under for the preceding month and had terminated discussions with all bidders.