Telkom Gets Takeover Proposal

South African fixed-line operator Telkom (TKG Quote) said it has become a possible takeover target and, as a result, may sell a portion of its stake in wireless company Vodacom Group, its joint venture with Vodafone (VOD Quote).

Telkom said in a note to shareholders that it received a letter Friday from a consortium of investors interested in acquiring the company. The investment group includes Mvelaphanda Holdings, Och-Ziff Capital Management (OZM Quote) and other so-called strategic funders. Telkom said the consortium's offer is conditional on the company's ability to unload its entire 50% stake in Vodacom.

"The Board of Telkom, in accordance with its fiduciary duties, will evaluate all bona fide offers with a view to [maximizing] shareholder value," the company said. "No transaction will be entered into without requisite shareholder approvals." ...