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Bloomberg reported this week that Maxis and U Mobile have revived merger talks at the behest of the billionaire families behind both telcos.
The aim is to create Malaysia’s largest mobile operator and, per the newswire, Maxis is inviting banks and law firms to pitch.
This is not Maxis’ first time.
In July 2024, U Mobile founder Vincent Tan rebuffed Maxis, saying he would take the company public.
This time, however, U Mobile’s owners are reportedly willing to accept RM10 billion or more, slightly less than what Maxis offered in February.
When Maxis raised its bid from RM10 billion to RM12 billion, U Mobile’s owners held out for RM14 billion.
In Corporate Malaysia, there’s always leeway for billionaires to be fickle-minded, just like U Mobile’s IPO dreams and Maxis’ on-off merger.
But the twist here is that the rumoured merger isn’t a union of equals.