TDC’s Board of Directors is recommending that shareholders vote for a takeover of the in-demand operator by a consortium of financial companies.

It is the latest development in a busy couple of weeks for the Denmark-based telco that had seen it agree to merge with mediaco MTG Nordics.

However, after rejecting an initial proposal from the consortium last week TDC has been persuaded to accept a revised bid.

This sees three pension firms and Macquarie Infrastructure and Real Assets Europe offer an all-cash deal worth DKK50.25 per share – a 25.6 percent premium on TDC’s share price of 31 January.

Details of the consortium’s original offer were not disclosed.

Pierre Danon, Chairman of TDC, said: “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 benefitting the TDC shareholders.

“As a result, we have decided to recommend that the shareholders of TDC accept the offer.”

Two-thirds of shareholders must now vote in favour of the deal for it to proceed.

The decision torpedoes the proposed merger with MTG Nordics, which the two companies had trumpeted as creating the first truly combined media and communications provider in Europe.

MTG owns production, broadcasting, streaming and distribution operations, as well as a production arm, in Sweden, Denmark, Norway and Finland.

The terms of that deal saw TDC offer a 28 percent stake of its business and SEK3.3 billion in cash for all of MTG Nordics’ shares.

However, it has decided to go for an offer it described as providing “highly attractive, immediate and secure value” instead.

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