The South African securities' regulation panel rules and the Companies Act, which requires a mandatory offer to minority shareholders once an investor crosses the 35 per cent shareholding threshold, are not applicable to the Bharti Airtel-MTN deal.

According to sources close to the deal, this is a transaction based on 'a scheme of arrangement.' This entails an understanding between two companies which would eventually require shareholders' approval through a special resolution.

Some of the minority shareholders of MTN have raised questions on the deal or are keeping quiet now and might do so.

Major MTN private-sector shareholders include investment management firms like Allan Gray, Polaris, Coronation and Stanlib. South African media reports have quoted Polaris' Anthony Sedgwick, co-manager of the Nedgroup Investments Rainmaker Fund that owns 6.3 million MTN shares, as saying he does not want the deal to go ahead.