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Private equity group Nordic Telephone Company NTC said on Wednesday it may buy shares in TDC, the Danish telecoms operator, in the open market outside the buy-out offer that is currently open.
“NTC has noted the prices of the TDC shares on the Copenhagen Stock Exchange during the past few days, which have been at a meaningful discount to the offer price of DKr382 per TDC share,” the NTC consortium of private equity groups Apax, Blackstone, Kohlberg Kravis Roberts, Permira Advisers and Providence Equity Partners said in a statement.
According to NTC, the shares could be bought in private transactions at negotiated prices and in open markets at prevailing prices.
There have been last minute jitters about the deal because ATP, the biggest shareholder of TDC, announced late Sunday night that it will not accept the offer.
Denmark’s biggest pension fund ATP owns 5.51 per cent of TDC. TDC´s share fell 6 per cent on Monday after the announcement but later the price steadied. On Wednesday at midday the shares were trading around DKr378.
NTC’s offer, conditional on achieving a 90 per cent acceptance rate, closes on Thursday morning. If the acceptance rate is not reached, NTC can extend the deadline of the offer. If the offer is accepted it will be the largest ever private equity buyout in Europe.