Danish telecoms operator TDC has been approached by a buy-out group lead by Macquarie. TDC shares jumped 17 per cent on the news and it dropped its $2.5 billion (€2.04bn) bid for most of the assets of Modern Times Group (MTG) – a move that got a cool reception.

TDC has been approached by a potential bidder  but said “There can be no certainty that the current discussions will lead to the potential bidder making an offer.” A group of three Danish pension funds and Macquarie Group have tabled a $6.3 billion unsolicited bid for TDC. TDC’s board said at the time that it was “convinced” of the merits of the deal with MTG.

Analysts have also speculated that the Macquarie move on TDC could have triggered another takeover proposal, possibly from a rival telecoms operator such as Telia, the Swedish group.

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