TDC Rejects Joint Bid From Macquarie and Danish Pension Funds
February 08 2018 - 4:11AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Danish telecommunications company TDC A/S (TDC.KO)
said late Wednesday that it has rejected a joint takeover bid from
Australia's Macquarie and Danish pension funds PFA, PKA and
ATP.
Financial details of the bid weren't disclosed, but TDC said in
a statement that the terms of the proposal weren't in the best
interest of shareholders. However, it added that it will always
remain open to considering alternatives that deliver superior value
to TDC's shareholders going forward.
TDC agreed to buy Modern Times Group AB's (MTG-B.SK) Nordic
entertainment and studios businesses last week, bringing together
TDC's mobile, broadband and TV services with MTG's content
production, broadcasting and streaming services.
"We are confident in the stand-alone prospects of TDC and
convinced of the incremental value creation potential of the
announced combination with MTG's Nordic Entertainment & Studio
division," TDC said Wednesday.
TDC shares were 16% higher at DKK43.25 in early trade
Thursday.
Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
February 08, 2018 04:56 ET (09:56 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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