COPENHAGEN, Denmark, Dec. 1, 2006 (PRIME NEWSWIRE) -- Today, TDC has received a notice from Nordic Telephone Company ApS (NTC) informing that NTC has decided to redeliver employee shares to those employee shareholders, who in December 2005/January 2006 accepted NTC's tender offer, in accordance with the special terms for tied-up employee shares set out in NTC's offer document of December 2, 2005.
With its ownership interest of app. 88.2%, NTC is the controlling shareholder in TDC A/S. Following the redelivery of employee shares, NTC will hold app. 87.9% of the share capital.
The employee shareholders' acceptance of NTC's tender offer was conditional upon NTC irrevocably effecting a compulsory redemption of the outstanding shares in TDC by December 1, 2006.
It is stated in the notice that NTC in March initiated a compulsory redemption, which subsequently was suspended because the Danish Commerce and Companies Agency rejected the request for registration of the amendments to the Articles of Association on compulsory redemption.
The Danish Commerce and Companies Agency's rejection to register has resulted in NTC being unable to complete the compulsory redemption by December 1, 2006 and therefore NTC is obligated to return the employee shares to the employee shareholders in accordance with the terms of the tender offer.
The technical redelivery will be carried out no later than mid-December 2006.