RPT-UPDATE 3-TietoEnator says talking to others about its future
(Adds details on Blackstone talks in para 6, updates shares)
HELSINKI, May 20 (Reuters) - TietoEnator () repeated
on Tuesday it was talking to parties other than Nordic Capital
about its future, while analysts saw the Swedish investor
effectively pulling away from its takeover bid for TietoEnator.
Nordic Capital has an ongoing hostile bid to buy all the top
Nordic IT services firm's shares for 15 euros each, or 1.08
billion euros ($1.68 billion) in total. The deadline --
postponed three times already -- is Friday.
TietoEnator () confirmed Nordic Capital's Cidron
Services unit had sold its 4.4 percent holding in TietoEnator.
Nordic Capital was not immediately available for comment on
whether it still wants TietoEnator. Nordic had made its offer
conditional on acquiring 90 percent of TietoEnator's shares.
"The board continues to consider, and is in active dialogue
on, other alternatives to enhance shareholder value,"
TietoEnator said.
Sources familiar with the matter told Reuters last week that
private equity and real estate firm Blackstone () was
talking to TietoEnator about a white-knight plan to buy the
company and merge it with Norwegian computer services firm EDB
Business Partner ().
Discussions between Blackstone, TietoEnator, EDB and EDB's
majority shareholder Telenor () are continuing, a person
close to the talks said on Tuesday.
Analysts said on Monday after Nordic Capital's statement
about the stake sale, that getting rid of the holding may mean
it was not prepared to raise the offer, which TietoEnator's
board and shareholders representing more than 10 percent of the
company's shares have rejected as too low.
"This was a statement effectively meaning that they won't be
hiking their offer," Pohjola Bank analyst Hannu Rauhala said
after Nordic Capital's statement.
TietoEnator -- whose customers include Nokia and Ericsson --
has long been seen as a takeover target.
Europe's largest IT services firm Capgemini told Reuters on
Tuesday that its smaller Nordic rival would be too big for the
company to buy.
TietoEnator shares declined 1.7 percent to 14.51 euros by
1446 GMT, against a 2.4 percent decline in the DJ Stoxx European
technology index .SX8P.
(Reporting by Sakari Suoninen, additional reporting by Sami
Torma and Eleanor Wason, editing by Elizabeth Fullerton)
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