Folks at TDC saw their drama ratchet up another notch yesterday. The Danish telecommunications provider has shifted its stance, backing a sale to Australian investment bank Macquarie and three Danish pension funds for $6.7B.
Macquarie had previously offered 47-48 Danish crowns per share last week and been turned down, but apparently they found the right price at 50.25 per share. Macquarie is looking to use TDC as a platform for broader investment in Danish mobile networks, hoping to cover the whole country with 1Gbps services. They also plan to split the infrastructure business from the consumer and content side of things. TDC has 3 million mobile customers as well as fiber and copper of 270,000km.
If it goes through, the deal will preempt TDC's proposed $2.5B acquisition of MTG from just two weeks ago. That merger would have seen TDC's telecommunications network combined with MTG's media and entertainment business that mirrors AT&T's pending purchase of Time Warner. But with the Macquarie deal in the ascendant, MTG will probably have to find a new suitor.
Also perhaps left out in the cold was the Nordic giant Telia, which was rumored to be looking at a bid for TDC although it has denied being in talks.