South Africa Gets Another Unsolicited Bid for a Telkom Deal

The South African government received an unsolicited bid for its 40.5% stake in Telkom SA SOC Ltd., following an announcement that MTN Group Ltd. 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.