Amid continued acrimony between the Ambani brothers over a deal with MTN, disappointment has set on shareholders of the South African telecom major as exclusive talks for a possible transaction are drawing to a close on Tuesday without any clarity, local media said.

"MTN stock gained about 4 per cent temporarily yesterday to trade at R125,92, rallying as investors took a gamble that corporate action of some kind was pending," Business Day newspaper reported in Johannesburg.

"Yesterday's lack of news will force the two mobile groups to issue some sort of update on Tuesday, when their 45-day period of exclusive talks ends,"the report added.

Among the various probabilities being talked about, the report said, the 'safest bet is that they will simply announce an extension to the exclusivity period, precluding any other player from making overtures to MTN.'

However, some expect 'MTN to say the exclusivity is over, enabling it to assess other less complicated offers while it continues to engage with Reliance.'

The report also noted there could be an option to declare the deal is 'off completely' and the fourth, but highly unlikey, option 'would be news that a deal had been concluded, along with details of how they would structure some kind of share swap.'

A day before the deadline, the two warring camps in India engaged in a strong exchange of words, with both sides spurning offers of talks made by the other.

RIL [Get Quote] had proposed a conciliatory meeting, scheduled for Monday, but RCOM refused to participate in it and instead proposed a 'clarificatory' meeting next week, which in turn was rebuffed by RIL. 

RCOM-MTN talks have been hit by uncertainties ever since Mukesh Ambani-led RIL claimed right of first refusal in a majority stake in the Anil Ambani group firm and also threatened legal action if any deal with the South African firm breached its rights.

However, these claims have been termed as 'factually and legally untenable and misconcieved.'

The two firms had announced 45-day exclusive negotiations for a possible deal, estimated to create an estimated $70-$80 billion worth entity. The talks are scheduled to end on Tuesday, after which further clarification is expected on the matter.