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Johannesburg - Africa's fourth-biggest cellphone operator Econet has been offered first right of refusal over a $1bn bid by Kuwait's MTC for a controlling stake in Nigeria's Vmobile, and plans to make an counter offer, the company said on Tuesday.
MTC said on Sunday its African unit Celtel had agreed to buy 65% of Vmobile for just over $1bn.
But according to a shareholders agreement, Econet, which already owns 5% of Vmobile, must be offered pre-emptive rights on any stake that is put up for sale.
Econet spokesperson Sure Kamhunga said Econet wanted to buy all of the 65% in Nigeria's third-biggest cellphone operator up for grabs, but declined to comment on how much the company was willing to pay.
