Danish telecoms operator TDC has seen its share price rocket after the firm received an unsolicited bid from three pension funds and investment bank Macquarie.
The firm’s board rejected the offer of DKr47 per share and saw shares rise 14.6 per cent on Thursday morning to DKr42.82.
“Very interesting that a group of Danish investors want to buy TDC to strengthen investment in better infrastructure. Important to invest in the digital future,” Kristian Jensen, Denmark’s centre-right finance minister, said on Twitter.
Telia, the former monopoly operator in Sweden, has expressed its interest, particularly to get hold of TDC’s broadband assets in Denmark and Norway. The consortium said it had prepared “detailed plans for TDC” including large investments in network infrastructure and no job losses.
The latest share price move for TDC is good news for the firm which was previously delisted from the off the stock market in 2005 whenfive private equity firms bought it out. It was relisted five years later in 2010.
“we are confident in the standalone prospects of TDC and convinced of the incremental value creation potential of the announced combination with MTG’s Nordic Entertainment and Studio division,” the firm said in a statement.