Danish operator TDC announced that it's rejected a takeover proposal from a group made up of pension funds PFA Pension and Forsikringsselskab, PKA and ATP and Macquarie Infrastructure & Real Assets Europe. TDC’s Board of Directors concluded that the offer was "not in the best interest of TDC’s shareholders and stakeholders", the company said.
TDC said it was confident in the stand-alone prospects of the company and the value to be created from its proposed merger with MTG’s Nordic Entertainment & Studio division.
According to a report by Danish newspaper Borsen, the bidders were ready to pay around DKK 47 per share for TDC. That's a significant premium on its current share price of around DKK 37.
The consortium said in a statement that it was a group of "long-term infrastructure investors" interested in supporting investment in expanding fibre coverage in Denmark. Their offer is conditional on acquiring at least two-thirds of TDC shares.
The consortium has prepared detailed plans for TDC, it said. The long-term strategy would support innovation in the Danish telecommunications sector, improve customer service and TDC's product offering, and increase competition, they said. The consortium also plans to reduce infrastructure duplication and accelerate the expansion of telecommunications networks across Denmark. It would invest "significantly" in the network infrastructure and also look to cooperate with energy companies to bring gigabit broadband to all of Denmark by the mid-2020s.
