Cell C has rejected a buyout offer from Telkom, saying it has already entered into legally binding agreements with Blue Label Telecoms. Talks between Cell C and Blue Label are at an advanced stage and, when completed, the listed pre-paid airtime distribution group will take a 45% stake in the country's third cellphone network operator. Cell C management and staff will own 25%. Cell C chairman Mohammed Hariri said the company had committed to a recapitalisation transaction with Blue Label, and had every intention of complying with its obligations: "Among other things, Cell C has undertaken to not enter into any agreement, incur any obligation or take any action which may restrict it or any of its affiliates from complying with its obligations under such agreements, or which could result in the transactions envisaged in such agreements not proceeding to completion." Cell C is facing financial constraints and was, in January, downgraded by Standard & Poor's following payment default. C...