• Buyout firm Apollo is raising financing as it explores new bid
  • Other private equity firms may also bid for the carrier

Buyout firm Apollo Global Management LLC is considering a higher offer for Danish phone company TDC A/S after an initial approach was rejected in July, according to people familiar with the matter.

Apollo is working with financial advisers and raising funds for the new offer, the people said, asking not to be identified because the deliberations are private. A new bid may come within weeks, one of the people said. TDC has a market value of about $4.5 billion.

Swedish rival Telia AB could also consider an offer, depending on whether TDC engages in talks with a rival, the people said. The company could also attract other private equity firms, one of the people said. No final decisions have been made and Apollo may still decide against a bid, they said.

TDC shares rose 5.8 percent to 37.53 kroner at 4:30 p.m. in Copenhagen trading. The shares jumped as much as 8.2 percent earlier, the biggest intraday gain in more than a month.

Spokesmen for TDC and Telia declined to comment. A representative for Apollo didn’t respond to an e-mail seeking comment.

TDC said in July it declined an approach from a potential buyer, calling the proposal inadequate. The company didn’t identify the suitor. Chief Executive Officer Pernille Erenbjerg is seeking to maintain TDC’s investment-grade rating while making the company’s Danish business more competitive.

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