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TDC ‘to withdraw MTG offer’

TDC board decides to back out of proposed deal

Danish telecoms operator TDC has decided to withdraw from its agreement to acquire Modern Times Group’s broadcasting and entertainment business.

MTG said it had been informed the TDC board had decided to no longer back the proposed deal.

The cash and share deal, which was first revealed earlier this month, would have given TDC close to three million TV subscribers and access to ten million households in the Nordic region.

TDC Group has itself now become the subject of its a takeover bid, with three pension funds and Australian investment bank Macquarie making an unsolicited offer for the telco.

TDC said it now intends to withdraw its recommendation to combine operations with MTG, with the latter saying it would provide further information to the market as and when it is received.