Dering Capital Joins Race for TDF’s French assets: FT

(Reuters) – Broadcast tower operator Telediffusion de France (TDF) has received a near 3.8-billion-euro non-binding offer from Dering Capital for its French assets, the Financial Times reported, citing people familiar with the matter.

TDF received several other bids below the 4-billion-euro asking price, raising concern about its ability to seal a deal to help repay debts of 3.8 billion euros and avoid a costly restructuring, Reuters reported earlier this month, citing sources with knowledge of the process.

Dering Capital was started in 2011 by Ben Jenkins, former senior managing director and head of the Hong Kong office for U.S. private equity firm Blackstone (BX.N: Quote, Profile, Research,Stock Buzz).

TDF, owned by TPG, AXA Private Equity, Charterhouse and French sovereign wealth fund FSI, has been hurt by a combination of the financial crisis and setbacks in technological advances since it was bought in 2006.

Dering Capital, TDF, AXA Private Equity, Charterhouse and FSI could not immediately be reached for comment. TPG declined to comment on the matter.