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.
