Danish telecoms operator TDC (TDC.CO) said Wednesday it had turned down an indicative takeover bid from Australia’s Macquarie and three Danish pension funds ATP, PFA and PKA.
“Having reviewed the terms of the proposal, TDC Group’s Board of Directors concluded that it is not in the best interest of TDC’s shareholders and stakeholders and it has been rejected,” the company said in a statement.
The rejection came after Danish business newspaper Borsen earlier reported unnamed sources as saying the consortium had offered 47 Danish crowns per share. TDC shares closed up 2.35 pct at 37.47 crowns before the report, valuing it at 30.43 billion Danish crowns ($5 billion).
TDC did not give any financial details of the offer.
The consortium sent a letter on Jan. 26 to TDC chairman Pierre Danon offering to buy all of the shares in TDC, the newspaper said.
A Macquarie spokeswoman in Sydney declined to comment. Spokesmen at ATP and PKA were also not able to comment, while PFA could not be reached. A spokesman at TDC did not give further information.
Borsen said the bidding consortium is working with Nordea Bank (NDA.ST) and another unnamed bank on a deal.
Source: Reuters.com