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IHS FRETS OVER TAKEOVER AS BOARD CRISIS DEEPENS


Lucas Ajanaku
 * 
 * 
 * 

June 26, 2023

African tower company, IHS Holding Limited is caught in panic fear of hostile
takeover owing to governance changes sought by MTN Group Limited and Wendel SE,
which together own about 45 per cent of the firm.



The company is consulting with JPMorgan Chase & Co. for advice on the escalating
standoff with its largest shareholders over how the African tower operator is
run, according to sources, who asked not to be identified because the
information is private.



 Shareholders representing about 48 per cent of IHS shares submitted the
proposals to bring its governance in line with best practice at US-listed
companies and to improve market perceptions, Wendel said in a statement.



 “Members of the IHS Board and Management team seem to be portraying these
uncontroversial governance-oriented proposals as a takeover effort by a small
number of shareholders. That’s disingenuous and an attempt at misdirection,”
Wendel said in the statement.

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 IHS, MTN and JPMorgan declined to comment on the matter.




Read Also: IHS’s shareholders bicker over board composition

The shareholder dispute comes as IHS shares have lost about 60 per cent since
the company’s 2021 initial public offering in New York. Tower firms in Africa
are facing demands for major investment in their networks as broadband and
smartphone use surges on the continent.



In addition to governance issues, some shareholders are also concerned about
capital allocation and high prices of assets as IHS seeks to diversify away from
its biggest market, Nigeria, to Latin America and Persian Gulf countries, said
the people.

MTN, the firm’s biggest shareholder with a 26per cent stake, this week requested
an extraordinary shareholder meeting to vote on the governance proposals, which
would boost its presence on the board.

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IHS said MTN doesn’t have the right to call such a meeting and that the mobile
operator’s voting rights were capped at 20per cent in a 2014 agreement.

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Before going public, IHS management clashed with Wendel and MTN over post-IPO
voting rights in a dispute that delayed the share sale, according to a Bloomberg
report.

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