Shares in TDC climbed by 20 per cent in early trading after it emerged the Danish telco had become the subject of a takeover bid.
Reports in the Danish press said a proposal had come from the Australian infrastructure group Macquarie and three Danish pension funds; PFA Pension and Forsikringsselskab, PKA and ATP.
“Having reviewed the terms of the proposal, TDC Group’s Board of Directors concluded that it is not in the best interest of TDC’s shareholders and stakeholders and it has been rejected,” the company said in a statement.
“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 is listed on Nasdaq OMX Copenhagen and mainly owned by Danish and international institutional investors, Danish retail investors and TDC employees.
