Pity Business Connexion shareholders. They've had little to cheer through years of hard corporate action, empowerment deals and strategic realignments. Yet it was all starting to come together. Finally, they owned a rather nice company, with solid numbers, good skills and a strong market position.

And when Telkom came knocking in March 2006, they could earn the reward for their patience during the long, dark days of the tech crash. The offer was a hard-fought affair, with shareholders holding out for good value for their asset: R9.25 a share. In the 15 months since then, however, they've seen their prize asset lose about a quarter of its value, thanks to the intervention of the Competition Tribunal.