Speculation swirls as TDC withdraws from MTG merger amid new bid

TDC CEO Pernille Erenbjerg and MTG CEO Jørgen Madsen Lindemann

TDC has been approached by a potential bidder but said "There can be no certainty that the current discussions will lead to the potential bidder making an offer".

"Modern Times Group (MTG) has been informed by TDC that its Board of Directors intends to withdraw its recommendation of the signed agreement with MTG to combine its Nordic Entertainment and MTG Studios businesses with TDC Group".

Last week, TDC said that it had rejected a takeover proposal from a group comprising pension funds PFA Pension and Forsikringsselskab, PKA and ATP and Macquarie Infrastructure & Real Assets Europe.

"The combination is subject to, inter alia, the approval by a TDC Group shareholders' meeting", the statement continued.

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Macquarie's bid, which had to be raised to 50.25 Danish crowns a share from the 47 crowns originally reported by Danish newspaper Borsen, doesn't fit the traditional buyout playbook. This could be a capital fund that has had a previous approach rejected, he said.

The consortium said it would make "material investments" into the network infrastructure and split the company in two with one unit focused on its telecommunications network and the other on customer service and content.

Citing sources close to the process, Dagens Industri said Telia last week had held talks with the TDC board.

"Telia Company confirms that as part of the strategic review regarding our position in Denmark we have investigated our various alternatives which have included also a possible acquisition of TDC", it said in a statement.

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