TDC, the Denmark-listed telecoms group has received a second approach from a private equity consortium.
The four member team of Apollo Management, BC Partners, Cinven and Silver Lake could end up sparking a bidding war for the $14.4bn telecoms group with the original consortium of Apax, Blackstone, Permira, Providence and KKR.
The Apax consortium has bid DKr355 a share, which has probably been matched by the rival team.
And it's still possible that trade buyers could enter the fray, such as Swisscom, the Swiss telco. But the general view is that this battle could well end up getting won by one of the private equity groups.
Well, they've got to win one, they've already lost out to trade buyers in trying to buy other European telecom companies, notably Italy's Wind and Spain's Amena.