Telkom shareholders, which include the government and the state’s pension fund, now have three competing offers, all for a piece of the telecom operator’s business. On Friday the government received an unsolicited bid for its 40.5% stake in Telkom from a company controlled by former government consultant Bongani Gigaba.

Investment firm Toto Consortium made an offer valued at R7bn for the stake in SA’s third-largest mobile phone company. The bid is based on a 30-day average share price of the company, plus a 20% black empowerment discount, according to an offer letter, Bloomberg reported. ..

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