TDC shares surge after takeover approach from Macquarie, funds

Published 08/02/2018, 07:31 pm
Updated 08/02/2018, 07:40 pm
© Reuters.  TDC shares surge after takeover approach from Macquarie, funds
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By Jacob Gronholt-Pedersen

COPENHAGEN, Feb 8 (Reuters) - Shares in Danish telecoms operator TDC TDC.CO surged 20 percent on Thursday after Australia's Macquarie MQG.AX and three Danish pension funds said they had made a takeover approach for the company.

TDC had said in a statement late Wednesday it had turned down an indicative takeover bid from the consortium, noting "it is not in the best interest of TDC's shareholders and stakeholders." rose to their highest level in 2-1/2 years and were trading 15 percent higher at 43.30 crowns each at 0825 GMT -- below the reported offer price of 47 crowns.

The consortium of Macquarie, Australia's largest investment banks, and pension funds ATP, PFA and PKA confirmed on Thursday that they had approached TDC to discuss a possible voluntary takeover offer and would seek to enter a dialogue with the company.

Danish business newspaper Borsen had on Wednesday cited unnamed sources as saying the consortium had offered 47 Danish crowns per share.

An offer of 47 crowns per share would value the issued shares in the company at 38.2 billion Danish crowns ($6.30 billion) ($1 = 6.0635 Danish crowns)

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