Going for a Song?

Tele2 has shown its determination to get its hands on Song Networks by upping its bid for the company to SEK4.95 billion, topping TDC’s offer for a second time. Tele2’s latest offer of SEK85 per share is SEK2.5 more than that offered by the Danish telco yesterday. According to Lars-Johan Jarnheimer, Tele2 would run Song Networks ‘much more efficiently than any other party’, adding that he was confident that this latest offer would be accepted. Tele2 owns, directly and indirectly, an 18% share of Song’s voting shares and 17% of its capital; TDC has a 33% holding. Tele2 has stated that it would be open to TDC maintaining a stake in Song as ‘a financial investor’; Jarnheimer added that it would also consider expanding some of its wholesale arrangements to accommodate TDC’s plans for the region.