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TDC rejects potential takeover bid

11 Jul 2016

Danish telco TDC has confirmed that it has received and rejected a possible acquisition offer, reports Bloomberg. The operator is cited as saying in a statement that it had ‘received a highly preliminary approach for a potential acquisition of control of TDC,’ adding: ‘TDC reviewed the approach and concluded that it was financially inadequate, incomplete and not in the best interest of shareholders. Consequently, TDC has decided not to pursue it any further.’ While the telco did not disclose who had made the approach, it is thought that US private equity firm Apollo is interested in purchasing the carrier, having reportedly hired investment banks Lazard Ltd and FIH Partners to help with its plans.

TeleGeography’s GlobalComms Database notes that TDC, which is Denmark’s leading operator in terms of subscribers, is a publicly owned company, listed on the Nordic Exchange (NASDAQ OMX). Among its major shareholders are Capital Research and Management Company (part of an investment management organisation known as the Capital Group Companies) and Massachusetts Financial Services Company. The remainder of the capital and voting rights are held by private investors and TDC employees.

Denmark, TDC (incl. Nuuday, TDC Net), TDC Group (old)

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