Fixed line operator Telkom on Monday announced that it had received an offer from Vodafone for a portion of its stake in cellphone group Vodacom.

It said it had received an offer from Mvelaphanda Holdings, affiliated funds of Och-Ziff Capital Management Group and other strategic funders for the entire issued share capital of Telkom.

Telkom said Mvela's offer would only be made if a number of pre-conditions were met including, confirmation by the Telkom Board that it would unbundle Telkom's entire 50 percent stake in Vodacom as part of the offer.

Discussions with Vodafone started on 14 May and were independent from the approach from the consortium.

"The Board of Telkom, in accordance with its fiduciary duties, will evaluate all bona fide offers with a view to maximising shareholder value.

"No transaction will be entered into without requisite shareholder approvals," Telkom said.

It would advise shareholders of further developments in due course.

Sapa