Private equity-backed broadcast tower operator Telediffusion de France (TDF) has reportedly received bids for its French unit that value it below the €4bn asking price.
Earlier this month Canadian pension funds CPP and PSP and Australian investment firm AMP Capital were said to be interested in acquiring the business.
TDF aimed to sell the unit for €4bn to repay its debts of €3.8bn and avoid restructuring according to Reuters, which cited three people with knowledge of the process.
The company plans to sell its German business after disposing of the French unit, which accounts for more than half of its revenues, the sources said.
TDF is backed by private equity firms TPG, AXA Private Equity, Charterhouse and French sovereign wealth fund FSI.
Copyright © 2013 AltAssets