TDC Group Withdraws MTG Offer

Denmark’s TDC Group has been approached with a bid for a potential takeover and is scrapping its plans to purchase MTG’s Nordic entertainment and MTG Studios businesses.

Earlier this month, MTG and TDC Group announced a $2.5 billion deal that would see MTG Nordics and TDC combine their businesses to form “Europe’s first fully convergent media and communications provider.” MTG has now released a brief statement that said TDC’s board of directors “intends to withdraw its recommendation of the signed agreement.”

TDC reportedly received an offer for around SEK 40.8 billion ($6.7 billion) from a group led by Danish pension funds to purchase all assets of the Danish telecoms company.