DK Telekommunikation – acting on behalf of Macquarie Infrastructure and Real Assets Europe (MIRA) and three Danish pension funds, namely PFA, ATP and PKA – has revealed that it has received acceptance for its acquisition of Danish telecoms group TDC from holders of 88% of TDC’s share capital and voting rights by 5 April. The consortium highlighted that the development means that all the conditions for the completion of its all-cash consideration of DKK50.25 (USD8.3) per share offer have been satisfied, and that the deal will go ahead. Provided the final result is announced on 9 April, settlement is expected on or around 4 May.
In February 2018 DK Telekommunikation submitted a voluntary recommended public takeover offer to buy the entire share capital of TDC. TDC’s board said that this new offer represented improved terms compared to previous non-binding proposals made by the consortium, while providing a high degree of transaction certainty and not being conditional on due diligence. The offer was approved by the EC in late March.