HumanIPO reported yesterday (Wednesday) Chinese company StarTimes, which has a presence in nine African countries, was in talks with ODM about a potential takeover, but speaking to Business Day Live Mergan Moodley said he opposed the deal.
ODM filed for business rescue in November and remains in a perilous position.
Moodley said he had an offer for the company rejected before May 2012. He said: “Was it a deliberate move by someone to close down the company?"
Since then the company’s value has dropped and he believes if a deal were to go ahead now, shareholders would not get value for money.
Moodley remains a minority shareholder in the company and said shareholders are yet to receive the full details of the StarTimes offer.
In October 2012, Moodley wrote a letter to the Industrial Development Corporation (IDC) board, one of TopTV’s shareholders, complaining of bullying by directors, its financial affairs and continual “mismanagement”.
