TDC Accepts $6.7b Takeover Offer

Danish telecoms company TDC has received a $6.65 billion takeover offer for all its shares from Australia’s Macquarie and three Danish pension funds and recommended that shareholders accept the offer, Reuters reported. “After careful review of our options, the board of directors of TDC believes that the consortium’s offer represents both the most compelling value and the highest transaction certainty benefiting the TDC shareholders,” TDC Chairman Pierre Danon said in a statement. As a consequence, TDC will recommend that its own planned $2.5 billion takeover of Swedish MTG’s broadcasting and entertainment business is abandoned. That deal was announced less than two weeks ago. The takeover offer of 50.25 krone ($8.27) per share is subject to the merger between TDC and MTG not being approved by TDC, the consortium said in a separate statement. The new bid remains far from the TDC stock’s all-time high price of 152.8 krone recorded in March 2000. Shares in TDC jumped after the latest statement and traded 13.2% higher at 49.42 krone by 1355 GMT.