Denmark's TDC gets takeover approach, scraps MTG deal
Feb. 12, 2018
HELSINKI (AP) — Danish telecoms company TDC Group said Monday it received a sweetened bid from an Australian-Danish consortium for all of its shares. That led it to call off its own $2.5 billion takeover plan of Sweden's Modern Times Group's broadcasting and entertainment operations.
The Copenhagen-based company said it urged investors to back the cash offer of about 40 billion Danish kronor ($6.7 billion) from Australia's Macquarie and three Danish pension funds.
TDC, formerly known as Tele Danmark Communications, had last week rejected a $6 billion takeover from the same consortium which is pledging to make substantial investments into the company's network infrastructure.
TDC is owned by Danish and international investors. It announced Feb. 1 a bid for MTG Nordic Entertainment and MTG Studios to combine the two companies' operations into a pan-Nordic provider of TV and internet services.
However, investors had raised questions about the MTG deal last week when the Australian-Danish consortium launched its initial bid.