Feb. 28 (Bloomberg) -- Thrane & Thrane A/S, the world’s largest maker of communications equipment using Inmarsat Plc’s network, jumped to a record-high in Copenhagen trading after Danske Bank A/S predicted multiple buyers may make bids.
Thrane rose as much as 9.5 percent to 405 kroner, the highest since its 2001 initial public offering. The stock advanced 33 kroner, or 8.9 percent, to 403 kroner at 10:12 a.m. in the Danish capital.
Thrane, whose products include communication terminals used by the Danish army, said yesterday it received a non-binding and unsolicited approach from a possible buyer seeking a majority stake. Danske today raised its recommendation on the share to “buy” from “hold” and increased its price estimate on the shares by 43 percent, saying the company looks set to become part of an industry consolidation.
“If an offer materializes, we believe the offer price would be at least in the 450-krone per share level to reflect future opportunities,” the Copenhagen-based bank said today in a note to clients. “We see the possibility of a bidding war, as we believe there are several potential bidders.”
Lars Thrane, founder of the Lyngby, Denmark-based company, won’t sell his 24 percent stake to the firm that expressed interest in buying, newspaper Borsen quoted him as saying today. The company has hired FIH Capital Partners to identify other buyers as part of its strategic review, the newspaper said.
To contact the reporter on this story: Christian Wienberg in Copenhagen at email@example.com
To contact the editor responsible for this story: Tasneem Brogger at firstname.lastname@example.org