(Telecompaper) South Africa's Blue Label Telecoms announced it has put in an offer to buy a 35 percent stake in Cell C for ZAR 4 billion. The offer is part of a proposed recapitalisation of Cell C, which Blue Label said it plans to participate in with other investors. After the deal is implemented, Cell C's debt is to be reduced to a maximum of ZAR 8 billion. The news follows the withdrawal of Telkom as a bidder to acquire all of Cell C, after it was unable to reach an agreement on price with Cell C's main shareholder, Oger Telecom. A meeting of the board of directors of Cell C is being convened to consider the new offer. Management on behalf of the employees of Cell C has also submitted a binding offer to co-invest in the company with Cell C's current shareholder 3C Telecommunications Proprietary (3C Telecom) and Blue Label. If successful, the restructuring will result in 3C Telecommunications holding 35 percent, management and staff 30 percent and Blue Label 35 percent of the ordinary shares in Cell C.