A takeover target and a would-be acquirer get back on their feet this afternoon.
As Nordic Telephone Co. plows ahead with its $15.6 billion buyout offer for Denmark’s TDC A/S, it has warned shareholders to accept its offer, or risk the consortium of private equity shops buying shares of the Danish telecom giant on the open market.
A team from U.S.-based private equity shops Apax Partners Worldwide LLP, Blackstone Group LP, Kohlberg Kravis Roberts & Co., and Providence Equity Partners Inc., as well as Europe’s Permira Advisers KB, first approached TDC in August and now, facing major opposition from Danish pension fund ATP, TDC’s largest shareholder with a 5.5% holding, has threatened to buy shares of the telecom on the open market at a share price below the group’s standing offer.
Another European company appeared to be recovering from a blow today, as British drugmaker Skyepharma plc said despite talks falling apart with its would-be acquirer Innovata plc, several companies were still interested in acquiring it.
Having ceased talks of a share swap with its smaller rival, speculation now has arisen that breaking up the assets of Skyepharma, a London-based company that reformulates drugs to address patient needs, is much more likely than a sale of the company as a whole. —Carolyn Murphy
TDC's buyout may beget more deals
SkyePharma becomes target
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