Deals
TDC Confirms Approach; Stock Surges on Report of Apollo Interest
- Danish carrier: rejected preliminary bid from unnnamed suitor
- Phone company’s shares jump the most since 2010 in Copenhagen
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TDC A/S shares extended gains after the Danish phone carrier confirmed it received a takeover approach, responding to a report that Apollo Global Management LLC is interested in buying the carrier and taking it private.
Apollo, the U.S. private-equity firm, has hired investment banks Lazard Ltd. and FIH Partners to help with its plans, Danish business daily Boersen reported, citing sources it didn’t identify. TDC said in a statement it declined an approach from a potential buyer, calling the proposal inadequate. The company didn’t identify the suitor.