TDC rejects takeover bid
TDC has reportedly rejected a takeover offer from US private equity firm Apollo Global Management.
The Danish operator said it had received a preliminary approach but concluded, after a review, that it was “financially inadequate, incomplete and not in the best interest of shareholders” and as a result, it will not pursue the matter further.
TDC is listed in Copenhagen and has about 42,000 shareholders at the end of last year. Its largest shareholders then were The Capital Group Companies, Massachusetts Financial Services Company USA and Thornburg Investment with 14.1% 10.1% and 5% each.
Just last month, Tele2 announced it was buying the Swedish operations of TDC for €311 million (2.9 billion kronor) and late last December, TDC said it was reorganising parts of its Danish operations.