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 the consortium could potentially increase it shareholding in Danish telecoms firm TDC Group above the current 88.5% holding (excluding treasury shares). In a joint statement, the consortium members said: ‘Following the expiry of the offer period, the offeror [DK Telekommunikation] has learned that a number of investors, including some index trackers, continue to be interested in selling their shares to the offeror on the same terms and conditions as set out in the offer document.’ If 90% shareholding threshold is crossed, DK Telekommunikation ‘intends… to initiate a compulsory acquisition of shares held by the remaining minority shareholders and to apply for a delisting of TDC’s shares.’
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, with all the conditions for the completion of the all-cash consideration of DKK50.25 (USD8.3) per share offer satisfied by 5 April.