Denmark-based TDC Group said it will put the brakes on a planned $2.5 billion acquisition of media and content company Modern Times Group’s (MTG) Nordic subsidiary if it receives its own takeover bid, after confirming an approach by a “potential bidder”.

In a statement, the operator said it intended to withdraw from its deal with MTG, announced under two weeks ago, in the event “an offer for all shares of TDC is made”. The company said it had already been approached by a potential bidder, but added “there can be no certainty that the current discussions will lead to the potential bidder making an offer”.

TDC did not reveal the identity of the bidder in its statement: last week it confirmed it received and rejected an “indicative takeover offer” from a consortium comprised of three Danish pension funds and Australia-based financial group Macquarie Group.

ATP, one of the pension funds involved in the consortium, said it hoped discussions would continue, despite TDC’s rejection, in the hope of thrashing out a deal.

Contrasting statements
TDC released the statement about the Nordic move this morning, shortly after MTG announced TDC’s board of directors informed it they planned to withdraw the offer.

While MTG’s statement suggested its agreement to sell to TDC was dead, the Danish operator’s subsequent statement appeared designed to clarify it would only withdraw from the Nordic acquisitions if it received a takeover offer from the unnamed bidder.

MTG added it will “provide further information to the market as and when it is received”.

Original deal
TDC issued the statement after striking a $2.5 billion deal for Sweden-based MTG’s Nordic subsidiary, a move TDC said would create Europe’s first fully integrated media and communications provider, offering mobile, broadband, television, content production, broadcast and streaming services across the Nordic region.

Aside from the consortium led by Macquarie, Sweden-based Telia had also been linked to a deal for TDC. However, Telia today (12 February) issued its own statement announcing it is “presently” not in talks with the Danish operator after ruling out such a move following a “strategic review” of its position in Denmark.