THE South African government received an unsolicited bid for its 40.5% stake in Telkom, following an announcement that MTN Group is planning to acquire part of the carrier.
Investment firm Toto Consortium made an offer valued at $433-million for the stake in the nation’s third-largest mobile-phone company, according to Bloomberg calculations. The Telkom bid is based on a 30-day average share price of the firm, plus a 20% black empowerment discount, according to an offer letter seen by Bloomberg.
“The offer is subject to the satisfactory conclusion of a due diligence of Telkom,” according to the document dated July 24. “We are not averse to collaborating with other stakeholders.”
MTN announced last month it’s planning a takeover offer for Telkom, sparking interest in the smaller South African operator, with internet-service provider Rain also announcing its intention to combine with Telkom.
State-run Telkom said it would consider an offer or proposal from Rain
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