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TDC rejects takeover bid from Macquarie and pension funds

8 Feb 2018

Danish telecoms operator TDC has turned down an ‘indicative proposal’ from a consortium comprising Australia’s Macquarie and three Danish pension funds – PFA, ATP and PKA. Following the review of the takeover bid, TDC Group’s Board of Directors concluded that it was not in the best interest of TDC’s shareholders and stakeholders and it was rejected. The group said in a press release: ‘We are confident in the standalone prospects of TDC and convinced of the incremental value creation potential of the announced combination with MTG’s Nordic Entertainment & Studio division.’

The announcement comes after Danish business newspaper Borsen had reported that the consortium sent a letter to TDC chairman Pierre Danon on 26 January offering to buy all of the shares in TDC. With the consortium reported to have offered DKK47 (USD7.8) per share for the operator, valuing it at DKK30.4 billion, Borsen said the bidding consortium was working with Nordea Bank and another unnamed bank on a deal.

Denmark, TDC (incl. Nuuday, TDC Net)

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