Last year, South Africa’s MTN was counted among a new generation of emerging market mobile phone companies that could make the leap on to a global stage. Well-connected with South Africa’s ruling party, but with a shareholder-friendly agenda, MTN had already purchased Investcom for $5.5bn in 2006, giving it a portfolio spanning 21 countries in Africa and the Middle East. With ambitious management, a market capitalisation of $35bn at year-end, and net debt of only $2bn, MTN had a decent shot at entering the big league.

So what has changed? Bharti Airtel, India’s biggest operator, has tabled an indicative bid for a 51 per cent stake. The South African company confirmed it was in “exploratory” discussions. One theory is that MTN’s management, which owns about a 10th of the company, is focused solely on crystallising value. After all, the stock is up 59 per cent in the past 12 months. Yet Bharti is hardly the best route to getting top dollar. On some measures it is smaller than MTN and, even with the help of its shareholder Singapore Telecom, would struggle to buy MTN’s entire equity for cash. If MTN is devoted to shareholder value it should only accept a bid for all of its shares: several global operators would be happy to oblige.