TDC has rejected a bid from a group of financial companies who want to take control of the Denmark-based operator.
The company said PFA Pension and Forsikringsselskab, PKA, ATP and Macquarie Infrastructure & Real Assets Europe had made “an indicative proposal” but that TDC’s board had declined the offer.
Precise details of the bid were not disclosed but the operator said it would “always remain open” to deals that could deliver “superior value” to shareholders.
“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.”
The tie-up with MTG, which owns production, broadcasting, streaming and distribution operations in Sweden, Denmark, Norway and Finland, was announced last week.
The two companies said the deal, should it get the green light from regulators, would create the first truly combined media and communications provider in Europe.
The offer from the financial consortium comes after TDC reported another year of declining sales and profits.
Revenues fell from DKK21 billion in 2016 to DKK20.3 billion last year, while EBITDA fell from DKK8.49 billion to DKK8.24 billion.
TDC cited intense competition in the enterprise market alongside a fall in TV and fixed telephony customers for the decline.