Group still keen on TDC takeover

The takeover bid for Denmark's TDC, by a group of investment funds is expected to be extended after one of the biggest shareholders in TDC rejected the initial offer, an AFP report said.


The report said a group of five British and US-based investment funds, who have combined to form the Nordic Telephone Company (NTC), have launched a cash offer of 382 Danish kroner ($62) per share for TDC.


The AFP report said the bid values the company at 10.2 billion Danish kroner ($1.65 billion).


But the bid was earlier rejected by Denmark's biggest pension fund, ATP, which said it considered the offer 'not sufficiently attractive,' the AFP report said.


The AFP report quoted Jyske Bank, analyst at Rune Moeller as saying that 'despite the refusal of ATP, which holds 5.5 % of shares in TDC, we still believe in the success of this takeover bid and we think it will be extended by two weeks.'