TDC Rejects Joint Bid From Macquarie and Danish Pension Funds
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 email@example.com; Twitter: @domchopping @WSJNordics
(END) Dow Jones Newswires
February 08, 2018 04:56 ET (09:56 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.